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SandRidge Energy Objections Filed

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Multiple parties – including Bank of New York Mellon Trust Company, CMS Electric Cooperative, Seismic Exchange, Texas Taxing Entities, Fort Stockton Independent School District, Laborers Pension Trust Fund for Northern Nevada, TGS-NOPEC Geophysical Company, Baker Farms, Steven T. Bouziden Revocable Trust, K3 Oil, WesternGeco and Marcus A. Helt Lane-Scott Electric Cooperative – filed with the U.S. Bankruptcy Court separate objections to SandRidge Energy’s Joint Chapter 11 Plan of Reorganization.

Bank of New York Mellon Trust Company asserts, “As an initial matter, the Trust Documents forming each of the Royalty Trusts constitute a single, indivisible agreement governing the respective Royalty Trust, which must be assumed or rejected in its entirety….Although the Debtors do not specifically provide for the rejection of any of the Trust Documents, to the extent that the Plan provides that the Debtors may file a motion to reject a Trust Document on the Confirmation Date, the Royalty Trusts hereby object to any such attempt to reject a Trust Document.”

The objection continues, “The Trust Documents that are executory constitute a single integrated agreement that must be assumed or rejected in their entirety. The Debtor also must pay the ‘cure’ amounts outstanding under the Trust Documents….In addition, as drafted, the Plan impermissibly proposes to release claims that the Royalty Trusts have or may have against non-Debtor Released Parties without the Royalty Trusts’ consent. Finally, the Plan impermissibly proposes to enjoin the Royalty Trusts from exercising their rights to setoff and recoupment.”

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The post SandRidge Energy Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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