Simpson Thacher Represents JPMorgan in Superior Energy’s Bankruptcy Filing
12.07.20
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Simpson Thacher is representing JPMorgan as administrative agent for the RBL lenders in connection with Superior Energy Services, Inc.’s (the “Company”) chapter 11 cases, which commenced on December 7, 2020 before Judge Jones in the Bankruptcy Court for the Southern District of Texas. In connection with the filing, the RBL lenders’ outstanding undrawn letters of credit under the Company’s prepetition facility will be deemed outstanding under the Company’s debtor-in-possession letter of credit facility (“DIP Facility”), which will support the Company’s continuing business operations during its chapter 11 proceedings. Upon emergence from bankruptcy and subject to the satisfaction of customary conversion conditions, the DIP Facility will convert to an exit credit facility which will provide liquidity and letter of credit capacity to the reorganized Company.
Superior Energy serves oil and gas companies’ drilling, completion and production-related needs.
The Simpson Thacher team includes Robert Rabalais, Brandan Still and Dylan Benac (Credit); and Elisha Graff, Daniel Biller and Cristina Liebolt (Restructuring).