Superior Offshore Equity Holders Push Own Plan

Law360, New York (November 26, 2008, 12:00 AM EST) -- Equity security holders of Superior Offshore International Inc. want a judge to terminate the bankrupt company's right to Chapter 11 exclusivity so they can submit a competing plan of liquidation.

The Official Committee of Equity Security Holders filed an expedited motion to the U.S. Bankruptcy Court for the Southern District of Texas on Tuesday, saying the undersea oil services company had repeatedly ignored its interests in the case.

The motion comes a day after Houston-based Superior Offshore and its unsecured creditors committee filed a disclosure statement...
To view the full article, register now.