|Bid||0.8800 x 900|
|Ask||0.9300 x 1000|
|Day's Range||0.8458 - 0.9500|
|52 Week Range||0.2336 - 6.0700|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.13|
Moody's Investors Service ("Moody's") downgraded SESI, L.L.C.'s (SESI or Superior Energy) Corporate Family Rating (CFR) to Ca from Caa3, Probability of Default Rating (PDR) to Ca-PD from Caa3-PD, senior unsecured notes to C from Caa3, and Speculative Grade Liquidity Rating (SGL) to SGL-4 from SGL-3. On September 30, 2020, SESI announced that it has entered into a restructuring support agreement (RSA) with 69.2% of its noteholders that would help reduce 100% of the company's long-term debt and related interest costs. SESI plans to implement the RSA through a pre-packaged voluntary plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas before the end of 2020.
Superior Energy Services (OTCQX: SPNX) ("Superior" or the "Company") announced today that it has entered into a restructuring support agreement (the "Restructuring Support Agreement") with a group of its senior noteholders (the "Ad Hoc Noteholder Group") that collectively hold or control approximately 69.2% of the Company’s senior unsecured notes. The proposed comprehensive financial recapitalization would deleverage 100% of the Company’s long-term debt and related interest costs, provide access to additional financing and establish a capital structure that the Company believes will allow the Company to thrive in a low-commodity-price environment. The transactions contemplated by the Restructuring Support Agreement are expected to close before the end of 2020.
Superior Energy Services, Inc. (the "Company") today announced that the Company was notified by the New York Stock Exchange ("NYSE") of its determination to commence proceedings to delist and suspend trading of the Company's common stock due to failure to meet the NYSE's $15 million, 30-trading day average market capitalization standard. The Company anticipates that, effective September 18, 2020, its common stock will commence trading on the OTCQX Market under the symbol "SPNX". The Company's transition to the OTCQX Market is not expected to affect the Company's business operations.