After initially planning to hand itself over to creditors, bankrupt oil-and-gas producer Sheridan Holding Company II LLC now wants to sell most of its assets to private investors for $328 million, WSJ Pro Bankruptcy reported. Sheridan sought protection from creditors in September with about $1.1 billion in debt. At the time, the Houston-based company said it would hand ownership to lenders but would continue to negotiate with potential outside buyers interested in the business. The company is proposing a purchase deal with Crossing Rocks Energy Operating LLC, an affiliate of a company formed last year in partnership with oil-and-gas investment firms Old Ironsides Energy LLC and Pearl Energy Investments to buy and develop energy assets. Sheridan’s secured lenders haven’t yet decided to pursue an asset sale, although Sheridan is seeking their approval. A court filing says that Sheridan must get the support of certain secured lenders to do the deal. The company is scheduled to appear in U.S. Bankruptcy Court in Houston next week to ask a judge to approve its reorganization plan.
