5th Circ. Clears Superior Offshore’s Liquidation Plan

By Erin Coe

Law360, New York (December 16, 2009, 1:26 PM ET) -- A federal appeals court has upheld a bankruptcy court's confirmation of Superior Offshore International Inc.'s Chapter 11 liquidation plan, finding that the undersea construction company satisfied bankruptcy rules in its treatment of securities suit claims related to its initial public offering.

The U.S. Court of Appeals for the Fifth Circuit on Monday rejected opposition to the plan by Louis E. Schaefer Jr., the company’s former chief executive officer, and determined that Superior’s plan met Bankruptcy Code provisions for treatment of the unliquidated securities suit claims, shareholder...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles