Superior Offshore Ch. 11 Plan Trumps Rival Ch. 7 Bid

Law360, New York (January 29, 2009, 12:00 AM EST) -- A bankruptcy court judge on Wednesday approved a Chapter 11 liquidation plan for bankrupt oil services company Superior Offshore International Inc. and its unsecured creditors committee.

At the same time, Judge Wesley Steen of the U.S. Bankruptcy Court for the Southern District of Texas ruled against a move by Louis E. Schaefer Jr., Superior Offshore's founder, to convert the bankruptcy into a Chapter 7 liquidation.

The approved liquidation plan was filed on Jan. 9 amid a bitter fight between Superior Offshore and an independent equity committee,...
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