Davis Polk is advising an ad hoc group of noteholders (the “Ad Hoc Group”) holding approximately 74% of the face amount of Superior Energy Services, Inc.’s (together with certain of its subsidiaries “Superior”) $1.3 billion of outstanding senior notes in connection with Superior’s chapter 11 restructuring. On December 7, 2020, Superior filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas, after entering into an amended and restated restructuring support agreement (the “RSA”) dated December 4, 2020. On December 8, 2020, Superior obtained all of the “first day” relief it sought, including interim approval of a debtor-in-possession financing facility in the aggregate principal amount of $120 million.

Under the terms of the RSA and proposed prepackaged plan, the noteholders will receive their pro rata share of 100% of the equity of reorganized Superior (subject to dilution) and, if consummated, the right to participate in a new money rights offering. As of the petition date, the RSA was supported by approximately 85% of the aggregate outstanding principal amount of the senior notes.

Headquartered in Houston, Texas, Superior 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.

The Davis Polk restructuring team includes partner Damian S. Schaible and associates Adam L. Shpeen and Matthew B. Masaro. The finance team includes partner J.W. Perry and counsel Sanders Witkow. The executive compensation team includes partner Adam Kaminsky and associate Joseph S. Brown. The litigation team includes partner Lara Samet Buchwald. The tax team includes partner William A. Curran. The corporate team includes partner Cheryl Chan. Members of the Davis Polk team are based in the New York and Washington DC offices.

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