Superior Offshore Files Disclosure Statement

Law360, New York (November 25, 2008, 12:00 AM EST) -- Bankrupt undersea oil services company Superior Offshore International Inc. and its unsecured creditors committee have filed a disclosure statement for the Chapter 11 plan they filed last week, seeking creditors' approval to leave bankruptcy.

The disclosure statement, filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas, fleshes out a reorganization plan filed Thursday.

Under the plan, only administrative and tax claims would be unimpaired.

Holders of allowed secured claims would receive proceeds from the sale of the collateral securing their claims, or...
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