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SandRidge to Emerge from Bankruptcy

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   |    Friday,September 09,2016

The bankruptcy court system has accepted SandRidge Energy's bankruptcy plan. The company is targeting emergence from Chapter 11 within the next 30 days, eliminating $3.7 billion in debt.

Currently, despite its bankruptcy filing, SandRidge is still operating one rig in the Anadarko Basin.

New SandRidge Capital Structure

The Company's pro forma capital structure will consist of an undrawn $425 million first lien credit facility (maturing in 2020) and $300 million in mandatorily convertible zero coupon debt that will convert into equity. Finally, SandRidge will issue new common stock to its pre-petition second lien and general unsecured creditors representing 100% of the pro forma equity interest in the reorganized company.

Projected Liquidity at Emergence

The Company anticipates that it will emerge and the Plan will become effective within 30 days, at which time the Company estimates to have over $400 million of liquidity including cash on hand and funds available under its first lien credit facility.

Houlihan Lokey, Inc. is serving as financial advisor to SandRidge and Kirkland & Ellis LLP is serving as legal counsel.



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