Superior Energy Announces Bankruptcy Court Confirmation of Its Plan of Reorganization; $1.3 Billion in Debt to Be Converted Into Equity
Superior Energy Services (OTCQX: SPNX) (Superior or the Company) announced today that the U.S. Bankruptcy Court for the Southern District of Texas confirmed its Plan of Reorganization, whereby the Companys $1.3 billion in debt would be converted into equity and the company would emerge debt-free.
- Superior Energy Services (OTCQX: SPNX) (Superior or the Company) announced today that the U.S. Bankruptcy Court for the Southern District of Texas confirmed its Plan of Reorganization, whereby the Companys $1.3 billion in debt would be converted into equity and the company would emerge debt-free.
- We are pleased with the results of this hearing, and we thank our employees, customers, lenders and suppliers for helping us to achieve this very favorable outcome.
- are acting as financial advisors for the Company, Latham & Watkins LLP and Hunton Andrews Kurth LLP are acting as legal counsel, and Alvarez & Marsal is serving as restructuring advisor.
- is acting as financial advisor for the ad hoc group of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP serving as legal counsel.