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Superior Energy Services Files for Bankruptcy

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   |    Thursday,October 01,2020

Superior Energy Services has entered into a restructuring support agreement with a group of its senior noteholders that collectively hold or control approximately 69.2% of the Company’s senior unsecured notes.

The proposed comprehensive financial recapitalization would deleverage 100% of the Company’s long-term debt and related interest costs, provide access to additional financing and establish a capital structure that the Company believes will allow the Company to thrive in a low-commodity-price environment.

The transactions contemplated by the Restructuring Support Agreement are expected to close before the end of 2020.

At the end of the second quarter the company had a net debt of $1 billion.

 



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