SandRidge Energy announced it could emerge from bankruptcy as early as next month.
It's been a rough year for the company; having to lay off hundreds of workers at the beginning of the year; having to shut in numerous disposal wells suspected of contributing to earthquake activity in northern Oklahoma; then filing for Chapter 11 bankruptcy protection in May.
But in a regulatory filing on Monday, SandRidge leadership laid out their plan to reorganize nearly $4.4 billion in debt and bring the company out of bankruptcy.
The plan includes the cancellation of all common stock and certain preferred stock. The creation of a $425 million credit facility. And a $35 million, 5-year mortgage on the company's downtown headquarters building. Also, senior debtholders would get stock in the reorganized company.
The plan must now be confirmed by the Bankruptcy Court. A hearing is currently scheduled to begin September 6.
SandRidge, of course, has continued to operate throughout the bankruptcy proceedings. Losses last quarter were about a half billion dollars, but that is a significant improvement over a year ago when they were three times that.