Chevron Slams Superior Energy's Ch. 11 Plan As Unfair

Law360 (January 12, 2021, 8:34 PM EST) -- Chevron USA asked a Texas bankruptcy judge Tuesday to reject the disclosure statement underpinning Superior Energy Services' $1.3 billion Chapter 11 plan, saying the oil field drilling services company is trying to force through a plan that unfairly favors some unsecured creditors over others.

Chevron USA Inc. and two of its affiliates argued in their objection that Superior's Chapter 11 plan as disclosed is too unfair to be confirmed, saying it would create "gerrymandered" creditor voting classes to force through a plan that would see some unsecured creditors receive full recoveries while others would at most get pennies on the dollar....

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