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SandRidge Energy Amended Plan Filed

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SandRidge Energy filed with the U.S. Bankruptcy Court an Amended Joint Chapter 11 Plan of Reorganization.

The documents filed with the Court explain, “On the Effective Date, except to the extent that a Holder of an Allowed First Lien Credit Agreement Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each First Lien Credit Agreement Claim, each such Holder shall receive its Pro Rata share of: (i) participation in the New First Lien Exit Facility in the face amount of $425 million; and (ii) $35 million in Cash; provided that all hedging agreements entered into by the First Lien Credit Agreement Lenders under the First Lien Credit Agreement before the Petition Date shall remain in place….On the Effective Date, the Second Lien Note Claims shall be deemed Allowed in the aggregate amount of $1,328 million, plus accrued but unpaid interest, fees and any and all other amounts due thereunder….On the Effective Date, the Unsecured Note Claims shall be deemed Allowed in the aggregate amount of $2,349,039,495, consisting of: (i) $407,579,338 in unpaid principal and interest on account of the 8.75% Unsecured Senior Notes due 2020; (ii) $767,396,956 in unpaid principal and interest on account of the 7.5% Unsecured Senior Notes due 2021; (iii) $531,429,327 in unpaid principal and interest on account of the 8.125% Unsecured Senior Notes due 2022; (iv) $553,866,011 in unpaid principal and interest on account of the 7.5% Unsecured Senior Notes due 2023; (v) $40,978,717 in unpaid principal and interest on account of the 8.125% Unsecured Convertible Notes due 2022; and (vi) $47,789,146 in unpaid principal and interest on account of the 7.5% Unsecured Convertible Notes due 2023, plus in each case, applicable Unsecured Notes Trustee Fees.”

More on the SandRidge bankruptcy.

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


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