A report by Bankrupt Company News indicates a federal judge has approved SandRidge Energy’s motion to extend the period during which the company can file a Chapter 11 plan.
The original deadline is September 13th but a judge will hold a hearing on Sept. 8 to “confirm the plan of reorganization,” according to the publication.
Documents in the U.S. Bankrtupcy court indicate SandRidge wants more time to solicit acceptances through and including January 13, 2017 and March 14, 2017.
“The Debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing restructuring contemplated by the Plan,” stated the motion.
SandRidge leaders say the extension will allow them and their stakeholders’ time to confirm the plan, finalize the transactions contemplated by the plan and proceed toward emergency in an efficient and organized fashion.
As OK Energy Today reported, the Oklahoma City-based company filed Chapter 11 bankruptcy in mid-May in the Southern District Court of Texas and listed billions in debt. The filing indicated the company had 49 creditors and liabilities ranging from $1 billion to $10 billion with assets in the same range.