Oklahoma City-based SandRidge Energy ended the speculation on Monday by filing for Chapter 11 bankruptcy in the Southern District of Texas, listing billions in debt. At least 24 affiliates joined SandRidge in the bankruptcy filing in Houston.
The company said it had up to 49 creditors and liabilities ranging from $1 billion to $10 billion with assets in the same range.
The biggest creditor is Wells Fargo, the holder of more than $2.2 billion in various notes that are due 2020, 2021, 2022 and 2023. The largest of the unsecured notes are the 7.5% notes amounting to $767,162,699.70.
The US Bank National Association holds $89 million in convertible notes that are due in 2022 and 2023. Other major debts including Archrock Services LP of Houston which is owed more than $2 million in trade; PowerSecure Inc. of Wake Forest, North Carolina which is owned $1.644,000; Weatherford Artificial Lift of Odessa, Texas where the debt totals $1,142,l000,000; National Oilwell Varco Entities of Houston, Texas which is owed $1,126,000; and Halliburton Services in Houston where the debt is $1,031,000.
Permian Well service in Ringwood, Oklahoma is owed $945,145 and Orr Enterprises Inc of Duncan is owned $737,132. The Unit Drilling Company in Tulsa is owed $721,932. SandRidge owes $644,902 to Erick Flowback Services in Erick and $405,986 to Southern Plains Energy Services LLC in Cushing.
They are among numerous creditors listed in the bankruptcy filing. Among the SandRidge affiliates that also filed bankruptcy Chapter 11 were: 4th Street Properties, LLC; Black Bayou Exploration, LLC; Braniff Restaurant Holdings, LLC; CEBA Gathering, LLC; CEBA Midstream GP, LLC; CEBA Midstream, LP; Cholla Pipeline,LPL; Cornhusker energy, LLC; FAE Holdings 389322R, LLC; Integra Energy, LLC; Lariat Services Inc; MidContinent Resources LLC; Mistmada Oil Company, Inc.: Pinion Gathering Company, LLC; Sabino Exploration, LLC; Sagebrush Pipeline LLC; SandRidge CO2, LLC; SandRidge Exploration and Production LLC; Sandridge Holdings, Inc.; SandRidge Midstream, Inc.; SandRidge Operating Company; SandRidge Realty, LLC; Sierra Madera CO2 Pipeline, LLC; and WTO Gas Gathering Company, LLC.
The decision to file for bankruptcy was made Friday, May 13 by the board of directors. The board also employed the law firm of Kirkland and Ellis as general bankruptcy counsel; the law firm of Zack A. Clement as local bankruptcy counsel; the firm of Houlihan Lokey Capital, Inc as financial advisor; the firm of Alvarez and Marsal Holdings, LLC as restructuring advisor and the firm of Prime Clerk LLC as notice, claims and balloting agent and as administrative advisor.