Published: December 8, 2020 |

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Superior Energy Services has advanced its financial restructuring by commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court for the Southern District of Texas to implement a proposed pre-packaged plan of reorganization.

Superior entered the Chapter 11 Cases with the support of holders of approximately 85 percent of Superior’s $1.3 billion of senior unsecured notes. Subject to the Bankruptcy Court’s approval, under the plan, the noteholders would receive 100 percent of the equity to be issued and outstanding by the reorganized company in exchange for discharging $1.3 billion of unsecured claims arising under the senior notes. As a result, the plan would eliminate all of the company’s funded debt and related interest costs and establish a capital structure that the company believes will improve its operational flexibility and long-term financial health even in a low-commodity-price environment.

“Since the initial announcement of our planned recapitalization initiative in September, we have been encouraged by the growing consensus of the noteholders that have agreed to support the plan, as well as the ongoing strong backing and support provided by our customers and lenders,” said David Dunlap, president and CEO of Superior.

“We also thank all of our employees for their ongoing hard work and commitment to our company and our customers and are grateful to our vendors and other valuable business partners for their continued support. The company looks forward to quickly emerging from the Chapter 11 Cases in early 2021,” added Dunlap.

The company intends to operate its businesses and facilities without disruption to its customers, vendors, and employees, and is filing motions with the Bankruptcy Court to ensure that all undisputed trade claims against the company will be paid in full in the ordinary course of business.

About Superior
Superior serves the drilling, completion, and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells.

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