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Superior Energy Services has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, confirmed by the U.S. Bankruptcy Court on January 19, 2021. The restructuring eliminated over $1.30 billion in debt, enhancing the company's capital structure. Superior emerges with approximately $242 million in cash and a $120 million asset-backed credit facility, strengthening its liquidity. The company will file its periodic report with the SEC in late March 2021. This development positions Superior favorably to compete in the oil and gas sector.
Superior Energy Services (OTCQX: SPNX) announced the confirmation of its Plan of Reorganization by the U.S. Bankruptcy Court for the Southern District of Texas, converting $1.3 billion in debt into equity, allowing the company to emerge debt-free. President and CEO David Dunlap expressed optimism about a strengthened capital structure and enhanced competitive ability following the reorganization. The company is receiving financial and legal advisory support from several firms, including Ducera Partners LLC and Latham & Watkins LLP.
