Superior Energy Bankruptcy Plan Ok’d, Giving Noteholders Equity

Superior Energy Services Inc. won bankruptcy court approval of its Chapter 11 plan, defeating several energy companies’ objections that the company was “gerrymandering” their claims.

The pre-packaged reorganization plan gives 100% of the company’s equity to noteholders with about $1.3 billion in claims.

Several large energy companies had lobbed complaints about the plan voting process, including a charge that certain disputed creditor claims were put in a separate class for voting purposes.

Hess Corp., Arena Energy LP, and Marathon Oil Corp. each asserted multi-million dollar claims that were reduced to $1 for voting purposes, attorneys for the ...