Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets

Superior Energy Services Files for Bankruptcy

emailEmail    |    printPrint    |    bookmarkBookmark
   |    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.

 


US Frac Crews Tracking

ad

Related Categories :

Bankruptcy - Filing   

More    Bankruptcy - Filing News

United States News >>>