A group of SandRidge Energy Inc. shareholders is accusing the oil and gas producer of grossly understating its value, threatening to derail a prepackaged bankruptcy agreement with its lenders, Reuters reported yesterday. The shareholders' court filing on Wednesday comes before a hearing next week, when the company will ask a judge to approve the Oklahoma City company's reorganization plan. Shareholders are hoping to prove SandRidge may be the rare bankruptcy where a company's assets are valuable enough to repay creditors and have money left over for stockholders, according to their bankruptcy court filing. SandRidge filed the pre-packaged bankruptcy pact in May to restructure roughly $4 billion of debt, joining a long list of oil-and-gas producers hit by a deep crash in U.S. energy prices. The company's financial adviser, Houlihan Lokey, estimated the reorganized company's enterprise value, generally a measure of market capitalization plus debt minus cash, at $1.0 billion to $1.3 billion. The shareholders said that an analysis by energy consultant SSR put the value at almost three times that amount.
