Superior Offshore International's First Amended Joint Chapter 11 Plan of Liquidation submitted by Superior Offshore International, Inc. and the Official Committee of Unsecured Creditors became effective today, Feb. 11, 2009.
All equity interests in Superior Offshore International, Inc. are canceled as of today under the terms of the plan. The plan also provides that Feb. 11 will serve as the record date for purposes of distributions, if any, to former equity interest holders under the plan, unless otherwise ordered by the Bankruptcy Court.
The former subsea construction and commercial diving services provider ceased operations, filed for bankruptcy and began winding down its company affairs in April 2008 in the face of financial problems. The company was delisted from NASDAQ on April 24, 2008. The United States Bankruptcy Court for the Southern District of Texas confirmed the Plan of Liquidation at the end of January.