S&P cuts Sheridan Fund entities

S&P said it lowered its ratings for Sheridan Production Partners II-A LP, Sheridan Investment Partners II LP and Sheridan Production Partners II-M LP to D (default) from SD and the issue-level rating on the company’ subordinated term loan to D from CC.

The Sheridan entities entered into a restructuring support agreement with their respective lenders.

“The downgrade follows Sheridan II’s restructuring support agreement (RSA) with lenders, to implement a financial restructuring plan, and its voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. At filing, Sheridan Fund II had approximately $1.2 billion of outstanding debt. Pursuant to the RSA, Sheridan II would emerge from bankruptcy with approximately $175 million in secured debt,” S&P said in a press release.

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