Superior Energy Plans $1.3B Debt Swap With Ch. 11 Pre-Pack

Law360 (September 30, 2020, 10:59 AM EDT) -- Oilfield drilling services company Superior Energy Services announced plans Wednesday to file for Chapter 11 in Texas to implement a debt-for-equity swap with senior noteholders that would wipe out $1.3 billion of secured debt from its balance sheet.

In a statement, the company said it has reached terms for a restructuring support agreement with more than 69% of its senior secured noteholders to pursue the plan through an in-court reorganization that it hopes to complete before the end of the year.

"The proposed comprehensive financial recapitalization would deleverage 100% of the company's long-term debt and related interest costs, provide access to...

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