Oklahoma energy company released from bankruptcy protection
October 6, 2016
OKLAHOMA CITY (AP, Oct. 5, 2016) — An Oklahoma City-based oil and natural gas producer has emerged from bankruptcy protection.
SandRidge Energy Inc. was released from the protection Tuesday, shedding $3.7 billion of debt in its reorganization, The Oklahoman reported (http://bit.ly/2dRF8eG ).
SandRidge filed for bankruptcy protection in May, citing high debt and low commodity prices. A judge approved the negotiated reorganization plan last month.
Under the plan, the $3.7 billion in debt was converted to equity in the reorganized company.
The company now has zero net debt and more than $50...