Superior Energy Services Inc. filed for bankruptcy yesterday with a plan to eliminate almost all of its debt, WSJ Pro Bankruptcy reported. The Houston-based company, which rents and sells equipment used in oil and gas drilling, filed for chapter 11 reorganization in the U.S. Bankruptcy Court in Houston with a fast-track plan to cut the debt and hand over ownership to its bondholders. Superior expects to emerge from bankruptcy in early 2021, Chief Executive David Dunlap said. The company will ask the bankruptcy court to confirm its reorganization plan by Jan. 25, court filings show. The company has a pre-packaged restructuring plan that has been agreed to by holders of about 85 percent of the company’s $1.3 billion of senior unsecured notes, according to court papers filed by Chief Financial Officer Westervelt Ballard Jr. Superior, which has operations spanning the Asia-Pacific region, Africa, Europe and the Middle East, kept most of its businesses outside the U.S. out of bankruptcy, court filings show. Superior also has lined up a loan commitment of as much as $200 million to finance the company once it exits bankruptcy from parties including some of its note holders, according to the filings.
