Superior Energy Services Inc (SPN) Quote

SPNR: inactive security. FINRA deleted symbol.

https://otce.finra.org/otce/dailyList?viewType=Deletions

SPNR added to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

$SPN . Just spoke to the BK company. SPNX stock has been wiped out permanently. the company has gone private. no public issue shares will be provided to replace SPNX. only the bond holders have private stock in the company.
That would explain why SPN is not showing up as a trade commodity in TDTrade.
The company has screwed over the shareholder and gone private

not really sure what is SPN...or why its trading

exactly. they should have cancelled stock right after that judgement. Release positive news let insiders dump on unknown bagholders and then cancel it.

Bastards at best

really don t understand
allow to trade with a news positive yesterday
and right now i feel like someone got a HOLD UP at my home
and no problem
it is legal for these piece of shit and the ceo is good with this...

SHAME ON YOU BASTARD

Glad I got out yesterday surprised it ran so hard some shenanigans being done here

That tweet was utter BS. Whomever posted it was a lying sack of $hit.

Insane

Unfortunately not for the good:

https://otce.finra.org/otce/dailyList?viewType=Deletions

Trading hasn’t opened on OTC

SPNX: Bankruptcy PLAN effective. All shares cancelled at 7:47 A.M. EST.

Incredible that over 17 million shares traded yesterday to a high of .24 and a close of .1405, up 123% on the day. Those who sold made substantial gains while those who bought are now wiped out. SAD!!

https://otce.finra.org/otce/dailyList?viewType=Deletions

why is it Halted ?

EMAIL OF COMMONS BEING CANCELLED

I already posted verification

Yep

Unfortunately not. I also received an email. The bondholders own 100%!of the restructured company.

These shares are worthless, made a nice profit today on it but i am now out. Current shareholders will be wiped out.

Good I did not trust that tylex guy, seen him lie all the time and gets away every time. smh

Good I did not trust that tylex guy

This is toast IMO...Paul Vincent has verified via email that commons are cancelled and bond holder hold 100% of equity.

I retract my previous statements

Just received this email


Our bondholders will assuming 100% of the new equity in the company. For further information, please review our website or see below:



Information related to Voluntary Chapter 11 proceedings:

Kurtzman Carson Consultants LLC

Website: https://www.kccllc.net/superior

Toll Free: +1 877-499-4509
International:
+1 917-281-4800

Regards,

Seems to be working...pps is dropping.

No worries he has no shares thats why

Careful there's a guy bashing this on twitter with a brand new account and 0 followers

One of them is lying .

This guy says the opposite:

https://twitter.com/DanteIvar/status/1357050703466942469?s=20

Guy on Twitter saying he spoke to Paul Vincent and shares are cancelled. We need something definitive.

https://twitter.com/DanteIvar/status/1357050703466942469?s=20

Locked Loaded Ready To Go!

Could happen fast, next court date isnt till june

Give it time. The sceptics are here and people are loading beneath the walls for longer positions. I'm in under .10 holding for dollars.

Excellent company we have on board here. Nice find

https://superiorenergy.com

Oil and gas? Its not even a question.. im in

That poster from tweeter tymex , I never trusted him on past post.

Maybe people are waiting on official word that commons stay intact. Oh well, im loaded either way. This is multiple dollars if thats the case.

If that's the case (and I hope it is) why is this not already over $1.00?? Unreal.

Could be a life changing situation

According to the IR rep they are intact. https://twitter.com/tymerzofficial/status/1356984165724545026?s=20

The big question involves whether the commons were saved...usually they are not

This one should run for days

$SPNX looks incredible. https://twitter.com/TrueInvested/status/1357012556976635905?s=20

Booom

Is it saving common?

So what does the bankruptcy news have to do with the ammount of common stock shares ?

$SPNX Superior Energy Advances Comprehensive Restructuring Plan as Anticipated With Voluntary Filing of Chapter 11
Press Release | 12/07/2020
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” Plan of Reorganization (the “Plan”).

Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Subject to the Bankruptcy Court’s approval, under the Plan, the noteholders would receive 100% of the equity to be issued and outstanding by the reorganized Company in exchange for discharging $1.3 billion of unsecured claims arising under the senior notes. As a result, the Plan would eliminate all of the Company’s funded debt and related interest costs and establish a capital structure that the Company believes will improve its operational flexibility and long-term financial health even in a low-commodity-price environment.

“Since the initial announcement of our planned recapitalization initiative in September, 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 CEO of Superior. “We also 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. The Company looks forward to quickly emerging from the Chapter 11 Cases in early 2021.”

The Company 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 the Company (whether arising prior to or after the commencement of the Chapter 11 Cases) will be paid in full in the ordinary course of business.

Subject to the Bankruptcy Court’s approval, Superior intends to obtain a $120 million debtor-in-possession letter of credit facility (the “DIP Facility”) for its subsidiary SESI, L.L.C. (“SESI”), as borrower, with certain of the lenders under SESI’s existing credit facility (the “Existing Facility”). Upon Bankruptcy Court approval, approximately $47.4 million of outstanding undrawn letters of credit under the Existing Facility will be deemed outstanding under the DIP Facility. The DIP Facility is expected to provide sufficient letter of credit capacity to support the Company’s continuing business operations and minimize disruption during the Chapter 11 Cases.

Bankruptcy Court filings and other information related to the proceedings are available on a website administrated by the Company’s claims agent, Kurtzman Carson Consultants LLC, https://www.kccllc.net/superior, or by calling KCC toll-free at +1 877-499-4509, or +1 917-281-4800 for calls originating outside of the U.S.

Ducera Partners LLC and Johnson Rice & Company L.L.C. are acting as financial advisors for the Company, Latham & Watkins LLP and Hunton Andrews Kurth LLP are acting as legal counsel, Alvarez & Marsal is serving as restructuring advisor Evercore L.L.C. is acting as financial advisor for an ad hoc group of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP serving as legal counsel. FTI Consulting, Inc. is acting as financial advisor for the agent for the Company’s secured asset-based revolving credit facility with Simpson Thacher & Bartlett LLP acting as legal counsel.

About Superior

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. For more information, visit http://www.superiorenergy.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Superior, which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to: statements regarding the timing and effect of the recapitalization; Superior’s ability to satisfy the conditions to that certain Amended and Restated Restructuring Support Agreement dated December 4, 2020 and obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases; the outcomes of Bankruptcy Court rulings in the Chapter 11 Cases; general market and economic conditions; changes in law and government regulations; and other matters affecting Superior’s business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Superior’s Annual Report on Form 10-K for the year ended December 31, 2019, and those set forth from time to time in Superior’s filings with the Securities and Exchange Commission. Except as required by law, Superior expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

No Solicitation or Offer

Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.

$SPNX Superior Energy Advances Comprehensive Restructuring Plan as Anticipated With Voluntary Filing of Chapter 11
Press Release | 12/07/2020
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” Plan of Reorganization (the “Plan”).

Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Subject to the Bankruptcy Court’s approval, under the Plan, the noteholders would receive 100% of the equity to be issued and outstanding by the reorganized Company in exchange for discharging $1.3 billion of unsecured claims arising under the senior notes. As a result, the Plan would eliminate all of the Company’s funded debt and related interest costs and establish a capital structure that the Company believes will improve its operational flexibility and long-term financial health even in a low-commodity-price environment.

“Since the initial announcement of our planned recapitalization initiative in September, 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 CEO of Superior. “We also 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. The Company looks forward to quickly emerging from the Chapter 11 Cases in early 2021.”

The Company 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 the Company (whether arising prior to or after the commencement of the Chapter 11 Cases) will be paid in full in the ordinary course of business.

Subject to the Bankruptcy Court’s approval, Superior intends to obtain a $120 million debtor-in-possession letter of credit facility (the “DIP Facility”) for its subsidiary SESI, L.L.C. (“SESI”), as borrower, with certain of the lenders under SESI’s existing credit facility (the “Existing Facility”). Upon Bankruptcy Court approval, approximately $47.4 million of outstanding undrawn letters of credit under the Existing Facility will be deemed outstanding under the DIP Facility. The DIP Facility is expected to provide sufficient letter of credit capacity to support the Company’s continuing business operations and minimize disruption during the Chapter 11 Cases.

Bankruptcy Court filings and other information related to the proceedings are available on a website administrated by the Company’s claims agent, Kurtzman Carson Consultants LLC, https://www.kccllc.net/superior, or by calling KCC toll-free at +1 877-499-4509, or +1 917-281-4800 for calls originating outside of the U.S.

Ducera Partners LLC and Johnson Rice & Company L.L.C. are acting as financial advisors for the Company, Latham & Watkins LLP and Hunton Andrews Kurth LLP are acting as legal counsel, Alvarez & Marsal is serving as restructuring advisor Evercore L.L.C. is acting as financial advisor for an ad hoc group of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP serving as legal counsel. FTI Consulting, Inc. is acting as financial advisor for the agent for the Company’s secured asset-based revolving credit facility with Simpson Thacher & Bartlett LLP acting as legal counsel.

About Superior

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. For more information, visit http://www.superiorenergy.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Superior, which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to: statements regarding the timing and effect of the recapitalization; Superior’s ability to satisfy the conditions to that certain Amended and Restated Restructuring Support Agreement dated December 4, 2020 and obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases; the outcomes of Bankruptcy Court rulings in the Chapter 11 Cases; general market and economic conditions; changes in law and government regulations; and other matters affecting Superior’s business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Superior’s Annual Report on Form 10-K for the year ended December 31, 2019, and those set forth from time to time in Superior’s filings with the Securities and Exchange Commission. Except as required by law, Superior expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

No Solicitation or Offer

Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.


View source version on businesswire.com: https://www.businesswire.com/news/home/20201207005281/en/

SPNX, all insiders have liquidated all their shares, as they knew it would go Bankruptcy.

OTCMarkets Big Warning! This company is in bankruptcy!


https://www.otcmarkets.com/stock/SPNX/overview

SPNX pink current
https://www.otcmarkets.com/stock/SPNX/overview

Everyone got corn holed!