Wow guys, I didn't mean to upset everyone so much this morning, just passing on current events. As far as the credit drawdown, any bankruptcy attorney will tell you, max out all of your credit cards and stop making payments on anything you plan on defaulting on, this is the same thing on a much larger scale.
SandRidge Energy (NYSE:SD) says it will exercise its grace period and defer making $21.7M in interest payments on its outstanding $543.6M principal amount of 7.5% senior notes due 2023 and its outstanding $46.9M principal amount of 7.5% senior convertible notes due 2023.
SD says it has sufficient liquidity to make the payments but will use the 30-day grace period in connection with its ongoing discussions with stakeholders.
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