Superior Energy Gets Court Approval to Operate in Bankruptcy

Superior Energy Services Inc. won court approval of its “first day motions,” allowing the company to continue operating and make key payments while aiming to confirm a reorganization plan next month.

Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas Tuesday authorized Superior to pay vendors, utilities, employees, and contractors, and approved a $120 million post-bankruptcy debtor-in-possession letter of credit facility on an interim basis. The loan will come from a group of lenders, with JPMorgan Chase Bank N.A. as agent.

The oil and gas exploration and production company, operating in 50 countries with ...