Superior Energy Hits Ch. 11 With $1.3B Debt-Swap Plan

Law360 (December 7, 2020, 11:16 AM EST) -- Oilfield drilling services company Superior Energy Services sought Chapter 11 protection in Texas bankruptcy court Monday with a plan in hand to swap $1.3 billion in debt for equity.

Superior Energy Services Inc. filed its petition in the Southern District of Texas along with 16 affiliates. Its restructuring support agreement would see the holders of $1.3 billion in senior unsecured notes receive all of the equity in the reorganized company, wiping out their claims under the notes, according to a Monday announcement. The deal has the support of about 85% of the senior unsecured noteholders, the announcement said.

"We have been...

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