Oklahoma City-based Sandridge said its re-organisation plan would go before a bankruptcy court judge for approval on 6 September and the company is currently soliciting support for the arrangement with its creditors.
Under the terms of the deal, common and preferred equity would be canceled and 85% of the new shares in Sandridge would be handed to lenders holding senior secured notes, according to a filing with the US Securities & Exchange Commission (SEC).
Lenders
