SandRidge Energy wins precautionary four-month exclusivity extension

By Caroline Salls

Pittsburgh, Aug. 30 – SandRidge Energy, Inc. received a four-month extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive filing period was extended through Jan. 13 and the solicitation period through March 14, 2017.

SandRidge said its restructuring is on track to be completed, with a span of four months from the bankruptcy filing date to proposed confirmation of its previously filed plan following a hearing scheduled to end on Sept. 8.

Since the plan confirmation hearing is expected to end five days before expiration of the previous exclusive plan-filing period, the company said it requested the extension “out of an abundance of caution.”

“The debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing restructuring contemplated by the plan,” the motion said.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to confirm the plan, finalize the transactions contemplated by the plan, and proceed toward emergence in an efficient, organized fashion.”

SandRidge, an oil and natural gas company based in Oklahoma City, filed for bankruptcy on May 16. The Chapter 11 case number is 16-32488.

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