Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

SandRidge Energy Plan Effective

0
0

SandRidge Energy’s Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 20, 2016.

SandRidge Energy also announced that it received approval to relist on the NYSE in conjunction with its emergence and resumed trading of newly-issued common stock under the ticker symbol “SD.” SandRidge Energy exits its restructuring with approximately $525 million in total liquidity and a new capital structure that consists of a $425 million first lien revolving credit facility (maturing in 2020) and approximately $282 million in mandatorily convertible notes (bearing no interest and converting at any time at the option of the holders or mandatorily at the earlier of certain events or four years from the effective date of the Plan).

In accordance with the Plan, SandRidge Energy’s pre-petition second lien secured and general unsecured claim holders receive 100% of the newly-issued common equity in the reorganized company and approximately $3.7 billion in pre-petition funded debt has been eliminated, in large part, through the equitization of debt. This oil and gas production company filed for Chapter 11 protection on May 16, 2016, listing $3 billion in pre-petition assets.

Read more energy bankruptcy news.

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


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images