SandRidge Energy Inc. is exploring debt restructuring options, according to people familiar with the matter, as the heavily indebted U.S. oil and gas exploration and production company struggles with the fallout from plunging energy prices, Reuters reported today. SandRidge has been in talks with investment banks and law firms about hiring restructuring advisors, and could make an announcement on their appointment as early as this week. Oklahoma City-based SandRidge, which has a debt burden of around $4 billion, has already been reaching out to some of its creditors to inform them that they should work together to prepare for likely negotiations. The vast majority of the company's debt is in the form of bonds owned by a plethora of mutual funds, hedge funds, and other institutional investors. Read more.
Will oil exploration and production hit bottom in 2016? Be sure to attend ABI’s Annual Spring Meeting in Washington, D.C., from April 14-17, as a panel of experts will be addressing this topic. Register here.
For further insight into struggling oil and gas companies and bankruptcy, be sure to pick up a copy of ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy.
