The oil and gas exploration and production company has filed Chapter 11 to implement a restructuring agreement with its creditors.
The chief restructuring officer's duties and degree of autonomy need to be crystal clear, or conflicts could develop.
In a familiar refrain, SandRidge says the oil price slump has left it unable to service the debt load it took on while aggressively pursuing growth.
The Chapter 11 petition listed total liabilities of $9.97 billion against assets of $1.56 billion.
CFO David Dick says Sycamore Partners "used its leverage" over one of the retailer's suppliers to precipitate the bankruptcy.
The New York grocery store chain will continue operating under a prepackaged Chapter 11 filing.
The bankruptcy petition listed assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.
Vestis Retail is shuttering its Sports Chalet stores but is hoping its two other brands will continue operating under new ownership.
The oil and gas producer has an agreement with bondholders to eliminate about $400 million in debt from its balance sheet.
The company believes it has sufficient liquidity, including about $180 million of cash on hand as of March 31, to continue operations.