SandRidge Says No To Board Shake-Up, Citing Debt Docs

Law360, New York (February 8, 2013, 2:03 PM EST) -- SandRidge Energy Inc. on Friday fended off pressure from two hedge funds to replace its board, saying the move would trigger a default under change-of-control provisions in its debt documents.

The company, which has faced three months of criticism from TPG-Axon Capital Management LP and Mount Kellett Capital Management LP, said a board overhaul would have “potential significant consequences” under the indentures that govern its senior notes, according to a securities filing Friday.

A change of control would trigger a default and require SandRidge to make...
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