September 1, 2017
Recently, SandRidge Energy Inc., an oil and natural gas producer based in Oklahoma, emerged from bankruptcy in October 2016 with its $3.7 million debt converted to equity and $525 million in liquidity in the newly reorganized company. Many investors who invested in SandRidge prior to the bankruptcy were led to believe that SandRidge was a profitable and stable company.
Although SandRidge’s new stock began trading in the New York Stock Exchange at $25 per share, the bankruptcy wiped out all previous shareholders’ equity. This means any shareholders that had SandRidge before the bankruptcy now have worthless SandRidge shares while previous debtholders and new investors are enjoying the company’s newfound post-bankruptcy success.
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