Oklahoma City-based SandRidge Energy, Inc. announced Tuesday it has emerged from Chapter 11 bankruptcy proceedings after satisfying all of the necessary requirements under its court-approved reorganization plan.
The oil and natural gas producer exited bankruptcy with approximately $525 million in total liquidity by combining its unrestricted cash balance with the availability under its first lien credit facility following emergence, according to a company press release.
SandRidge’s approved plan leaves the company with a zero net debt and more than $500 million in liquidity. The company will save nearly $300 million a year in interest payments through debt elimination. Nearly $3.7 billion in debt was eliminated under the plan approved by Bankruptcy Judge David R. Jones last month.
The company also received approval to relist on the New York Stock Exchange. SandRidge resumed trading of its newly issued common stock on Tuesday under the NYSE ticker symbol “SD”.
A new five-member Board of Directors was appointed pursuant to the plan. Members now include James Bennett, Michael Bennett, John Genova, William (Bill) Griffin, and David Kornder.