SPNX - Superior Energy files pre-packaged Chapter 11

Superior Energy (SPNX) says it has filed a pre-packaged Chapter 11 bankruptcy to advance its previously announced restructuring, with the support of ~85% of its $1.3B of senior unsecured notes.Subject to court approval, the noteholders would receive 100% of the equity to be issued and outstanding by the reorganized company in exchange for discharging $1.3B of unsecured claims arising under the senior notes.Superior plans to obtain a $120M debtor-in-possession letter of credit facility for its subsidiary SESI, which should support the company’s continuing business operations.

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Superior Energy files pre-packaged Chapter 11