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SandRidge Energy Emergency Motion Filed

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The stockholder ad hoc committee of shareholders filed with the U.S. Bankruptcy Court an emergency motion to extend deadlines for expert report and objection to SandRidge Energy’s confirmations.

The emergency motion explains, “The Debtors, SandRidge Energy and its affiliated debtor entities have filed a Joint Plan of Reorganization which provides that the Debtors’ consenting lien creditors and consenting unsecured creditors will convert their debt into new common stock of the reorganized SandRidge Energy. The stock of existing shareholders will be cancelled. The issue of the proper valuation of the Debtors is critical to the Debtors’ ability to meet the requirements of 11 U.S.C. section s1129….The Ad Hoc Committee believes the Debtors’ valuation of its assets is substantially understated in the Disclosure Statement and has commenced discovery on the valuation issue. Specifically, on August 5, 2016, the Ad Hoc Committee filed and served the Debtors with a Request for Production of Documents Pursuant to Rule 2004 and requested expedited production in view of the impending deadlines….The Ad Hoc Committee’s expert, a petroleum engineer, cannot review these reports and prepare his own report in 1 day. In addition, there are additional documents, including seismic data and maps which have not been produced despite the 2004 Request and the executed confidentiality agreement, which will need to be reviewed by the expert after these documents, are produced. For these reasons, the Ad Hoc Committee requests that the August 19, 2016 deadline for filing its expert report be extended until August 26, 2016. The Ad Hoc Committee also requests that the deadline for filing its objection to confirmation be extended until August 29, 2016.”

More on the SandRidge Energy bankruptcy.

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