Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Superior Energy Services Files for Bankruptcy
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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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