November 5, 2019 / 11:09 PM / 6 days ago

IN BRIEF: Bankrupt energy fund Sheridan in talks with potential buyer

Bankrupt oil and natural gas investment fund Sheridan Holding Co II LLC said in court papers on Monday it may set aside its prepackaged reorganization plan and sell itself instead.

Sheridan was set to ask U.S. Bankruptcy Judge Marvin Isgur at a hearing in Houston on Thursday to approve its plan to convert $900 million of its $1.1 billion in debt into equity. However, in its papers on Monday, Sheridan said it is negotiating a purchase agreement with its debt holders and a potential bidder, whose identity was not disclosed, and expects to nail it down soon.

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