SandRidge Energy Inc. is back in business.
The Oklahoma-based exploration and production (E&P) company has emerged from Chapter 11 bankruptcy with $525 million in total liquidity and its common stock is again listed on the New York Stock Exchange.
As part of the restructuring arrangement, SandRidge also has a new board of directors.
SandRidge filed for Chapter 11 in May with more than $4 billion in debt. About $3.7 billion of that debt has been eliminated, under a pre-packaged deal with lenders that used a reverse-based lending facility and debt-to-equity swap.
CEO James Bennett told The Oklahoman that the company could now focus on creating value “without the debt burden we’ve have in the past.”
SandRidge has overcome a variety of obstacles in 2016. This spring, the company was the subject of a U.S. Department of Justice probe, targeted for alleged antitrust violations related to leasing oil and gas properties that included Chesapeake and Encana Corp. Those proceedings have since ended.
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