Sandridge just dropped!
SandRidge Energy files for bankruptcy
SandRidge Energy (OTCPK:SDOC) files for Chapter 11 bankruptcy protection, the latest energy company to buckle under the weight of weak oil prices.
SDOC says it reached a restructuring support agreement with creditors that own more than two thirds of its $4.1B in funded debt obligations, which includes a reserve-based lending facility and the conversion to equity of ~$3.7B of other funded debt.
The company says it expects to have enough liquidity to fund operations and its capital program through Chapter 11 without the need for further capital.
SDOC says it has ~$7B in assets and $4B in debt.
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Permalink Reply by Paul Butler on
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Recently, I heard Sandridge people saying bankruptcy wasn't in the cards--don't worry about it.
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