Sheridan Holding pre-packaged reorganization plan confirmed by court

By Caroline Salls

Pittsburgh, Nov. 12 – Sheridan Holding Co. II, LLC’s pre-packaged plan of reorganization was confirmed Tuesday by the U.S. Bankruptcy Court for the Southern District of Texas.

Under the plan, administrative claims and other priority claims will be paid in full in cash.

Holders of debtor-in-possession facility claims will receive a share of a tranche A first-out/second-out exit facility if it is the holder of a new-money DIP claim or a share of tranche B of the exit facility if it is the holder of a roll-up DIP claim.

Sheridan II revolving and term lenders will receive tranche C of a last-out exit facility and 95% of the new common stock in the reorganized company.

Sheridan II subordinated term lenders will receive a share of 5% of the new common stock.

General unsecured claims will be reinstated or paid in full in cash.

Existing interests will be cancelled and extinguished, and holders will receive no distribution under the plan.

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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