SandRidge Energy, Inc. has filed an objection to an August 19 emergency motion filed by a stockholder ad hoc committee to extend deadlines for its expert report and objection to the energy company’s bankruptcy confirmation.
Oklahoma City-based SandRidge filed for Chapter 11 bankruptcy on May 16 in the Southern District of Texas. The company listed 49 creditors with liabilities ranging from $1 billion to $10 billion.
The ad hoc committee has asserted that SandRidge’s asset valuation is substantially understated in its bankruptcy disclosure statement. The committee initiated discovery on SandRidge’s valuation issue. The ad hoc committee served SandRidge on August 5 with a request for production of documents requesting expedited production in order to meet the August 19 court deadline to file an expert report.
“The Ad Hoc Committee’s expert, a petroleum engineer, cannot review these reports and prepare his own report in 1 day,” explains the committee’s bankruptcy pleading. “In addition, there are additional documents, including seismic data and maps which have not been produced despite the 2004 Request and the executed confidentiality agreement, which will need to be reviewed by the expert after these documents, are produced.”
The committee sought an extension until August 26 for filing its expert report. In addition, the committee also requested an extension until August 29 for filing its objection to SandRidge’s bankruptcy confirmation.
SandRidge previously stated that it could emerge from bankruptcy next month if its lenders and the bankruptcy court confirm its plan to reorganize nearly $4.4 billion in debt.
The bankruptcy court has not yet ruled for either party on the outstanding motions.