Bankrupt Sheridan Gets $328 Million Offer for Oil and Gas Assets

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https://www.wsj.com/articles/bankrupt-sheridan-gets-328-million-offer-for-oil-and-gas-assets-11573161792

The bidder, Crossing Rocks Energy, is a portfolio company of two investment firms

After initially planning to hand itself over to creditors, bankrupt oil-and-gas producer Sheridan Holding Company II LLC now wants to sell most of its assets to private investors for $328 million.

Sheridan sought protection from creditors in September with about $1.1 billion in debt. At the time, the Houston-based company said it would hand ownership to lenders but would continue to negotiate with potential outside buyers interested in the business.

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