Jonathan F. Foster, Managing Director of Current Capital Partners, Completes Board Service as an Independent Director of Sheridan Holding Company II, LLC as the Company Emerges from Chapter 11
Houston, Texas, January 17, 2020 – Jonathan F. Foster was an independent director of Sheridan II, an exploration and production business that invests in oil and gas properties, for its restructuring that culminated when it successfully emerged from bankruptcy as Sunrise Oil & Gas, Inc. today.
On September 15, 2019, Sheridan II and its affiliated debtors each filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. On November 12, 2019, Sheridan II’s plan of reorganization was confirmed. Under the plan, the holders of Sheridan II’s DIP term loans exchanged their debt for priority debt in the reorganized company. The holders of Sheridan II’s prepetition term loans and prepetition revolving loans exchanged their debt for last out debt and equity in the reorganized company. Upon emergence, reorganized Sheridan II will have a $100 million priority exit term loan facility and a $75 million last out term loan facility.
Davis Polk advised the term loan agent and DIP Agent in connection with the restructuring of Sheridan Holding Company II, LLC and its affiliated debtors.
About Current Capital Partners LLC
Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services and private equity investing. The mergers and acquisitions advisory effort offers high quality financial advisory services – including ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking an independent perspective and senior attention. In our management services effort, we manage investments, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.
Jonathan F. Foster
Telephone: +1 212 223 0618
Email: [email protected]