Superior Power Effectively Completes Financial Restructuring and Emerges From Chapter 11

HOUSTON–(Small business WIRE)–Feb 2, 2021–

Outstanding Power Products and services (“Superior” or the “Company”) announced currently that the Enterprise has effectively finished its economical restructuring and emerged from Chapter 11, applying the Approach of Reorganization that was confirmed by the U.S. Personal bankruptcy Court for the Southern District of Texas, Houston Division on January 19, 2021. The Corporation emerges with a strengthened money framework that eradicated extra than $1.30 billion of existing credit card debt.

“Today’s milestone signifies a large accomplishment for Remarkable. The Organization has emerged from individual bankruptcy in less than two months, absolutely free of financial debt and with a considerably strengthened harmony sheet and economical skill to contend,” stated David Dunlap, President and CEO of Excellent. “Our hat goes off to the quite a few individuals who assisted us to get to this position, like staff members, consumers, loan providers, noteholders and suppliers, and I glimpse forward with good self-confidence to the quite a few potential chances that lie forward.”

Specified robust operational overall performance in modern months, Outstanding emerges with total funds at emergence of roughly $242 million. The Company’s liquidity posture is further supported by a $120 million asset-backed secured credit history facility. Superior intends to file its initially periodic report with the Securities and Trade Commission in late March 2021.

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

About Exceptional

Excellent serves the drilling, completion and output-associated demands of oil and gasoline organizations around the world by way of a diversified portfolio of specialised oilfield expert services and tools that are employed in the course of the economic lifetime cycle of oil and gas wells. For more facts, go to http://www.superiorenergy.com.

Forward-On the lookout Statements

All statements in this press release (and oral statements built with regards to the subjects of this conversation) other than historical specifics are ahead-searching statements in the this means of Part 21E of the Securities Trade Act of 1934, as amended. These forward-on the lookout statements rely on a selection of assumptions relating to potential occasions and are matter to a selection of uncertainties and variables, numerous of which are outdoors the control of Outstanding, which could lead to precise results to differ materially from these statements. Ahead-searching information and facts features, but is not confined to: statements pertaining to the timing and result of the recapitalization the results of Personal bankruptcy Court rulings in the Chapter 11 Circumstances common sector and financial problems variations in legislation and government rules and other issues impacting Superior’s organization.

These ahead-hunting statements are also impacted by the chance elements, ahead-looking statements and troubles and uncertainties explained in Superior’s Annual Report on Variety 10-K for the year finished December 31, 2019, and those set forth from time to time in Superior’s filings with the Securities and Exchange Fee. Except as necessary by legislation, Exceptional expressly disclaims any intention or obligation to revise or update any ahead-wanting statements irrespective of whether as a consequence of new details, long run situations or in any other case.

No Solicitation or Offer

Any new securities to be issued pursuant to the restructuring transactions may possibly not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any condition securities guidelines but might be issued pursuant to an exemption from these registration furnished in the U.S. individual bankruptcy code. These kinds of new securities may possibly not be made available or bought in the United States absent registration or an relevant exemption from the registration requirements of the Securities Act and any applicable condition securities rules. This press launch does not constitute an offer to provide or obtain, nor the solicitation of an provide to sell or invest in, any securities referred to herein, nor is this press release a solicitation of consents to or votes to acknowledge any chapter 11 strategy. Any solicitation or provide will only be produced pursuant to a private offering memorandum and disclosure statement and only to these persons and in such jurisdictions as is permitted underneath relevant legislation.

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Get hold of: Paul Vincent, VP of Treasury and Investor Relations

(713) 654-2200

Keyword: UNITED STATES NORTH The united states TEXAS

Market Key phrase: OIL/Gas Electricity

Resource: Outstanding Power Solutions

Copyright Organization Wire 2021.

PUB: 02/02/2021 06:00 PM/DISC: 02/02/2021 06:00 PM

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