Sheridan withdraws sale restructuring election ahead of plan hearing

By Caroline Salls

Pittsburgh, Nov. 12 – Sheridan Holding Co. II, LLC has withdrawn an asset sale restructuring election made last week, according to a notice filed Saturday with the U.S. Bankruptcy Court for the Southern District of Texas.

Sheridan said it did not receive sufficient support from required consenting secured lenders to proceeds with the asset sale restructuring.

When it made the sale election, the company said it intended to sell substantially all of its assets under its Chapter 11 plan to Crossing Rocks Energy Operating, LLC for $328 million.

However, Sheridan noted in the election notice that the election could be withdrawn at any time before confirmation of the plan.

The plan confirmation hearing was scheduled for Nov. 12.

Houston-based Sheridan is an oil and natural gas investment fund that filed bankruptcy on Sept. 15 under Chapter 11 case number 19-35198.

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