Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

Debt | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit

Sandridge Energy Exits Bankruptcy, Armed With $425 Million Loan

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Tuesday,October 04,2016

SandRidge Energy is reporting that the company has fully satisfied its Re-org plan.  The company has resumed trading on the NYSE under SD.

New Capital

SandRidge's new capital structure consists of a $425 million first lien revolving credit facility which matures in 2020.

As previously disclosed, SandRidge's pre-petition second lien secured and general unsecured claim holders receive 100% of the newly issued common equity in the reorganized company.


New Revolving Credit Facility

  • $425 million borrowing base
  • Undrawn (after expected post-emergence repayment with cash on hand)1
  • No financial covenants or borrowing base redeterminations for two years

Operations.

The company is currently operating One (1) rig in ALFALFA county, Ok where its drilling the mississippian Lime play.

 



Related Categories :

Bankruptcy Exit   

More    Bankruptcy Exit News

Mid-Continent News >>>


Rockies News >>>