Superior Energy Claims Processing Center c/o KCC 222 N. Pacific Coast Highway, Suite 300 El Segundo, CA 90245 T: (866) 554-5810 Please file proof(s) of claim, if any, via US Mail or other hand delivery system. “We look forward to quickly emerging from the Chapter 11 in early 2021.”. Along with its prepackaged plan, the company has USD 120m in debtor-in-possession (DIP) financing from prepetition lenders. Statistical Information: On December 7, 2020, CSI Technologies, LLC, an affiliate of lead-debtor Superior Energy Services, Inc., a provider of specialized oilfield services and equipment, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case 20-35811). All content © Mergermarket Limited 2020 (03879547 UK). BY Fraser Tennant In a move to unburden itself of more than $1bn in debt, oilfield services company Superior Energy Services has filed for Chapter 11 bankruptcy protection in order to implement a proposed pre-packaged restructuring plan. The parties also reached agreement on the plan on 5 December. Learn More . The docket was last checked on … For funds and ETFs it is derived from a multi-factor model developed by Macroaxis. Hunton Andrews Kurth LLP is representing Superior Energy Services Inc. (Superior) in its Chapter 11 filing. Founded in 1991, Houston-based Superior Energy serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialised oilfield services and equipment that are used throughout the economic lifecycle of oil and gas wells. Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Up to date docket information and all documents are available online. The filing is the latest in a series of bankruptcies to have hit the energy industry in recent months, including those of Seadrill Partners and Noble Corporation. General unsecured creditors holding claims at the parent company level would get a pro rata share in a USD 125,000 cash pool, while general unsecured creditors holding claims at the operating level, with subsidiary debtors, would remain unimpaired and be paid in the ordinary course of business. A significantly improved balance sheet will provide the reorganized debtors with increased financial flexibility and the ability to pursue value-maximizing opportunities that will strengthen customer service offerings. Petition Chapter 11 Voluntary Petition Non-Individual Fee Amount $1738 Filed by Superior Energy Services, L.L.C.. (Davidson, Timothy) (Entered: 12/07/2020) (Davidson, Timothy) (Entered: 12/07/2020) Dec 7 It was recently delisted from the NYSE because its market capitalization was below $15 million. Ballard said the current capital structure is the result of a large strategic merger in 2012 with Complete Production Services. The debtors also have access to an asset-based revolving facility that, while undrawn as of the petition date, supports about USD 47.4m in outstanding letters of credit. Superior Energy Services, Inc today entered bankruptcy in order to consummate a prepackaged reorganization plan that would provide an option for either cash or equity to holders of the company’s USD 1.3bn in notes. Under the terms of the RSA, the ad hoc noteholder group and other holders of prepetition notes claims have agreed to vote to accept the plan. The debtors and their advisors engaged in consensual restructuring discussions with an ad hoc group of noteholders who collectively now hold about 72% of the unsecured notes. Superior Energy Services said it plans to file for chapter 11 bankruptcy after striking a deal with the majority of its noteholders that would convert all $1.3 billion of its funded debt into equity. On 29 September, the debtors and the consenting noteholders entered into the original RSA, which contemplated that holders of existing interests in the parent company would have received 2% of the equity of the parent company issued upon emergence from the Chapter 11 case. The group then informed the debtors that they were no longer willing to discharge and fully equitize their claims as contemplated under the initial RSA. Business-wise, the restructuring will allow Superior's management team to focus on operational performance and value creation, Ballard said. SUPERIOR ENERGY SERVICES, L.L.C. Petition Chapter 11 Voluntary Petition Non-Individual Fee Amount $1738 Filed by Superior Energy Services, Inc.. (Davidson, Timothy) (Entered: 12/07/2020) Dec 7: Receipt of Voluntary Petition (Chapter 11)(20-35812) [misc,volp11] (1738.00) Filing Fee. Superior Energy Services (OTCQX: SPNX) ("Superior" or the "Company") announced today that it has advanced its previously announced financial restructuring by commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court (the "Bankruptcy Court") for the Southern District of Texas (the "Chapter 11 Cases") to implement a proposed "pre-packaged" … Houston-based Superior Energy Services Inc. and 16 affiliated debtors have filed for Chapter 11 bankruptcy protection as expected but about a … 1001 Louisiana Street, Suite 2900; Houston, TX 77002; United States; Phone: +1 713 654 2200; Fax: +1 713 654 2205 Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. Receipt number 22655252. Superior Energy Services Inc. moved forward with restructuring plans on Dec. 7, filing a “pre-packaged” Chapter 11 petition in the Southern District of Texas along with 16 affiliates. HOUSTON--(BUSINESS WIRE)--Superior Energy Services (OTCQX: SPNX) (“Superior” or the “Company”) announced today that it has entered into a restructuring support agreement (the “Restructuring Support Agreement”) with a group of its senior noteholders (the “Ad Hoc Noteholder Group”) that collectively hold or control approximately 69.2% of the Company’s senior unsecured notes. Superior Energy Probability Of Bankruptcy is currently at 53.77%. In exchange for agreeing to the discharge of all of their funded debt, holders of prepetition notes will receive 100% of the equity of the reorganized company and certain subscription rights to an equity rights offering, with a cash-out option. For stocks, Probability Of Bankruptcy is the normalized value of Z-Score. However, Ballard said, after executing the original RSA, the ad hoc noteholder group learned that there may be substantial liabilities at the parent company level. The restructuring would also eliminate potentially millions of dollars in contingent liability consisting of the legacy parent guarantee claims. Superior has its head office in downtown Houston. Spotlight On. Superior filed its petition for Chapter 11 protection on December 7, 2020, in the Southern District of Texas, Houston Division. However, due to the global coronavirus pandemic, the company had to discontinue its planned merger with Forbes and the corresponding senior notes restructuring. Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. After months of “tireless” negotiating, he said, the debtors agreed to the terms of the amended RSA on 4 December, with holders of about 85% of the outstanding principal amount of the senior unsecured notes, including the ad hoc noteholder group. You must file an originally executed proof of claim. Find the products to help your business grow. The debtors also provide coiled tubing services, electric line, slickline, and pressure control tools and services, as well as snubbing and hydraulic workover services. Facsimile and other electronic delivery methods are not acceptable. However, Ballard said, to be able to achieve all of this, the debtors must emerge from bankruptcy as quickly as possible. Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court … SUPERIOR ENERGY SERVICES, INC. filed a chapter 11 bankruptcy case on 12-07-2020. It expects to convert $1.3 billion of debt into equity and may split into two companies. The debtors’ businesses serve the drilling, completion, and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the life cycle of oil and gas wells. Also on 5 December, the debtors commenced solicitation of votes on the plan and disclosure statement. by Taylor Harrison, Sarah Foss and Rong Ren. In particular, the debtors manufacture, rent, and sell specialized equipment and tools for use with well drilling, completion, production, and workover activities, and offer fluid handling and well servicing rigs. Superior Energy Services (OTCQX:SPNX) files for Chapter 11 bankruptcy with a plan to convert all $1.3B of its funded debt into equity.The company entered into … Superior Energy Services files Chapter 11 bankruptcy to restructure - Houston Business Journal. Superior entered the Chapter 11 cases with the support of holders of approximately 85% of its $1.3 billion of senior unsecured notes. Harris County DA, law enforcement crackdown on road rage incidents amid spike in fatal cases - KHOU.com. “Since the initial announcement of our planned recapitalisation initiative, we have been encouraged by the growing consensus of the noteholders that have agreed to support the plan, as well as the ongoing strong backing and support provided by our customers and lenders,” said David Dunlap, president and chief executive of Superior Energy.
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