Superior Energy Advances Comprehensive Restructuring Plan as Anticipated With Voluntary Filing of Chapter 11 * Furthers Financial Recapitalization … Superior’s capital structure consists of about USD 1.3bn of funded debt in the form of unsecured notes. The company has two main businesses: The company also intends to operate its businesses and facilities without disruption to its customers, vendors and employees, and is filing motions with the Bankruptcy Court to ensure that all undisputed trade claims against it – whether arising prior to or after the commencement of Chapter 11 proceedings – will be paid in full in the ordinary course of business. 1001 Louisiana Street, Suite 2900; Houston, TX 77002; United States; Phone: +1 713 654 2200; Fax: +1 713 654 2205 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 Probability Of Bankruptcy is currently at 53.77%. Superior Energy Services. Debtwire Dockets: Superior Energy Services, Inc. Superior filed its petition for Chapter 11 protection on December 7, 2020, in the Southern District of Texas, Houston Division. Hunton Andrews Kurth LLP is representing Superior Energy Services Inc. (Superior) in its Chapter 11 filing. 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, Inc.’s chapter 11 cases commenced on December 7, 2020 before Judge Jones in the Bankruptcy Court for the Southern District of Texas. You must file an originally executed proof of claim. This allows for a recovery to and discharge of claims held by creditors of the parent, including holders of legacy parent guarantee claims, Ballard said. 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. Statistical Information: Harris County DA, law enforcement crackdown on road rage incidents amid spike in fatal cases - KHOU.com. Superior Energy Services files Chapter 11 bankruptcy to restructure - Houston Business Journal. 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. Up to date docket information and all documents are available online. Business-wise, the restructuring will allow Superior's management team to focus on operational performance and value creation, Ballard said. Learn More . Superior Energy Services has filed for Chapter 11 bankruptcy. Ballard said the current capital structure is the result of a large strategic merger in 2012 with Complete Production Services. Receipt number 22655252. The restructuring would also eliminate potentially millions of dollars in contingent liability consisting of the legacy parent guarantee claims. Alvarez & Marsal to Guide Superior Energy Through Restructuring, Chapter 11 Superior Energy Services 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 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. They have proposed an 18 January confirmation hearing. The debtors and their indirect subsidiaries are oilfield services providers based in Houston, Texas, with operations spanning Africa, the Asia Pacific region, Europe, the Middle East, North America, and Latin America, according to a first-day declaration from Chief Financial Officer Westervelt Ballard, Jr. filed a chapter 11 bankruptcy case on 12-07-2020. 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 entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Houston-based operators Oasis Petroleum Inc., a Lower 48 explorer, and oilfield services (OFS) giant Superior Energy Services on Wednesday filed for voluntary bankruptcy protection to … In July, Debtwire reported that Superior had hired banker Ducera to help pursue a balance sheet fix. Find the products to help your business grow. 07-12-2020 15:29 via bizjournals.com. Spotlight On. In June, he said the debtors and their advisors acted “swiftly” to develop a comprehensive restructuring solution. The parties also reached agreement on the plan on 5 December. Because the legacy parent guarantee claims exist only against the parent and there are virtually no assets at the parent that would permit a recovery to any of its creditors, the original RSA was amended to eliminate any recovery to holders of existing parent interests. Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court … All content © Mergermarket Limited 2020 (03879547 UK). It expects to convert $1.3 billion of debt into equity and may split into two companies. Mr Dunlap concluded: “We thank all of our employees for their ongoing hard work and commitment to our company and our customers and are grateful to our vendors and other valuable business partners for their continued support.”, News: Superior Energy Services files Chapter 11 bankruptcy to restructure, Latest news, featured reports and articles collated by Financier Worldwide, Read the latest issue of Financier Worldwide, Superior Energy Services files for Chapter 11, Superior Energy Services files Chapter 11 bankruptcy to restructure, https://www.bizjournals.com/houston/news/2020/12/07/superior-energy-services-chapter-11-bankruptcy.html, VC and PE investment in Canada declined 63 percent in Q3, claims new report, Guitar Center files for Chapter 11 bankruptcy, Natural gas producer Gulfport Energy files for Chapter 11, Social bond issuance could approach $100bn in 2020, says new report. 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. Along with its prepackaged plan, the company has USD 120m in debtor-in-possession (DIP) financing from prepetition lenders. SUPERIOR ENERGY SERVICES, INC. filed a chapter 11 bankruptcy case on 12-07-2020. JPMorgan Chase Bank is the DIP agent. To address this and to continue to enhance stakeholder value, Ballard said the company announced in December 2019 its intention to combine its accommodation rentals and well services businesses with Forbes Energy Services – an independent oilfield services contractor – and to simultaneously refinance its USD 800m 7.125% 2021 senior notes. 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. 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. 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. 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. Fee amount $1738.00. 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. Along with the RSA and plan, the company has entered bankruptcy with a USD 120m DIP, including the replacement of USD 47.4m in prepetition letters of credit. 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). Ballard said the debtors also engaged in discussions with revolving credit lenders. Up to date docket information and all documents are available online. Superior serves drilling, completion and production-related needs of oil and gas companies. 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. The debtors also provide coiled tubing services, electric line, slickline, and pressure control tools and services, as well as snubbing and hydraulic workover services. Houston-based Superior Energy Services Inc. and 16 affiliated debtors have filed for Chapter 11 bankruptcy protection as expected but about a … Categories – Item URL – Read More Item Image – Item Description – The filing is the latest in a series of bankruptcies to have hit the energy … In 2020 to date, 54 oilfield services companies have filed for bankruptcy. 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. Under the terms of the RSA, the debtors and the ad hoc noteholder group agreed to a series of deleveraging transactions that will eliminate about USD 1.3bn of funded debt obligations through the plan. by Taylor Harrison, Sarah Foss and Rong Ren. Superior Energy Services files for Chapter 11. Without a quick exit, the company risks being “mired” in an expensive process that causes customers to lose confidence in its ability to emerge as a healthier, more sustainable business partner, Ballard said. The docket was last checked on 12-08-2020 at 00:45 GMT. “We look forward to quickly emerging from the Chapter 11 in early 2021.”. Superior Energy’s restructuring plan eliminates all of its funded debt and related interest costs, as well as establishing a capital structure that the company believes will improve its operational flexibility and long-term financial health, even in a low-commodity-price environment. 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 files Chapter 11 bankruptcy to restructure Houston Business Journal Read more. CASE PROFILE: Superior Energy files for Chapter 11 with reorg plan and USD 120m DIP 07-December-2020 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. 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 However, Ballard said, to be able to achieve all of this, the debtors must emerge from bankruptcy as quickly as possible. 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" … “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. Strengthen compliance and manage risk with in-depth legal insight and advanced due diligence. Superior entered the Chapter 11 cases with the support of holders of approximately 85% of its $1.3 billion of senior unsecured notes. 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. The score is used to predict the probability of a firm or a fund experiencing financial distress within the next 24 months. Also on 5 December, the debtors commenced solicitation of votes on the plan and disclosure statement. 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. 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 … 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 docket was last checked on … Facsimile and other electronic delivery methods are not acceptable. Superior Energy Advances Comprehensive Restructuring Plan as Anticipated With Voluntary Filing of Chapter 11 Furthers Financial Recapitalization Process to … The filing is the latest in a series of bankruptcies to have Specifically, the restructuring contemplates the discharge of all amounts outstanding under the prepetition notes indenture and the refinancing of the prepetition credit agreement through a USD 200m exit facility. Judge David Jones of the US Bankruptcy Court for the Southern District of Texas has scheduled a first-day hearing for 1pm CT on Tuesday (8 December). For funds and ETFs it is derived from a multi-factor model developed by Macroaxis. Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Under case milestones, the debtors need to obtain plan approval by 25 January, and consummate the plan by 1 February. Despite numerous successful operational and strategic initiatives in recent years, resulting in increased cash balances and a more streamlined, efficient, and resilient operating model, the company's cash flow profile has remained constrained by its substantial debt service. 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. 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. It was recently delisted from the NYSE because its market capitalization was below $15 million. 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. However, due to the global coronavirus pandemic, the company had to discontinue its planned merger with Forbes and the corresponding senior notes restructuring. 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 has its head office in downtown Houston. Ballard said under current conditions, the debtors have no reasonable prospects of being able to fully repay their debt. For stocks, Probability Of Bankruptcy is the normalized value of Z-Score. Law360 (December 7, 2020, 11:16 AM EST) -- Oilfield drilling services company Superior Energy Services sought Chapter 11 protection in Texas bankruptcy court Monday with a … 1.3Bn of funded debt in the form of unsecured notes debt into equity and may split into two companies Chapter! 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