SandRidge joined the ranks of oil and gas drillers to file for bankruptcy in recent… SandRidge Energy Inc. SDOC -65.50 % became the latest victim of the prolonged downturn in energy sector, filing for bankruptcy protection Monday after reaching a deal with its creditors to swap $3.7 billion in debt for control of the oil and gas company. The Oklahoma City company filed for chapter 11 protection in U.S. Bankruptcy Court in Houston after reaching a deal with the majority of its lenders and bondholders on the terms of a “prearranged” debt-restructuring pact. SandRidge Chief Executive James Bennett said the proposed debt swap, which requires court approval, would allow the reorganized company to concentrate on oil and gas exploration and development in the company’s active Oklahoma and Colorado project areas. The company will stay open during the chapter 11 case and expects to exit bankruptcy “with minimal disruption to […]