September 16, 2019 / 11:03 PM / a month ago

Sheridan energy fund aims to slash $900 mln in debt in Ch. 11

Oil and natural gas investment fund Sheridan Holding Co II LLC filed for bankruptcy protection on Sunday with a prepackaged plan overwhelmingly backed by its debtholders to eliminate $900 million of its roughly $1.1 billion in debt.

Chief Executive Lisa Stewart in papers filed in U.S. Bankruptcy Court in Houston said the fund aims for a speedy Chapter 11 case with an Oct. 17 target date for a hearing at which it will ask for an order approving its reorganization.

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