5th Circ. Clears Superior Offshore’s Liquidation Plan

Law360, New York (December 16, 2009, 1:26 PM EST) -- 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...
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