Davis Polk advised an ad hoc group of term loan lenders in connection with the chapter 11 cases of Sheridan Holding Company I, LLC and its affiliated debtors (collectively, “Sheridan I”). Sheridan I filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code on March 23, 2020 and Sheridan I’s plan of reorganization (the “Plan”) was confirmed by the Bankruptcy Court for the Southern District of Texas, Houston Division on March 24, 2020. This is the first one-day “pre-pack” in the Southern District of Texas, Houston Division. On March 30, 2020, Sheridan I emerged from bankruptcy as RDV Resources, Inc. 

Under the fully consensual plan, the holders of Sheridan I’s prepetition term loans and prepetition revolving loans exchanged their debt for (a) 100% of the new common equity in the reorganized company (subject to dilution by certain warrants) and (b) their pro rata share of a $150 million secured exit facility.

RDV Resources, Inc. has a portfolio of mature oil and gas assets in onshore basins in the United States.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Jon Finelli and associates Stephen D. Piraino and Nate Sokol. The finance team included partner Jinsoo H. Kim and associates Amarilice C. Young and Michael Katz. The tax team included partner Lucy W. Farr, counsel Leslie J. Altus and associate M. Jared Sanders. The corporate team included partner Leonard Kreynin and associate Jason P. Thompson. All members of the Davis Polk team are based in the New York office.

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