SPNX - Superior Energy Services files for Chapter 11

Superior Energy Services (SPNX) files for Chapter 11 bankruptcy with a plan to convert all $1.3B of its funded debt into equity.The company entered into a restructuring support agreement with a group of senior noteholders that collectively hold or control 69.2% of its senior unsecured notes.Superior's senior noteholders will have the right to decide whether or not to separate the business into two companies upon completion of the restructuring transactions, which are expected to close before the end of 2020.Superior recently was delisted by the NYSE after failing to meet the exchange's $15M, 30-trading day average market capitalization standard.

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Superior Energy Services files for Chapter 11