Alvarez & Marsal is serving as restructuring advisor to Superior Energy Services in the company’s recently approved Chapter 11 plan of reorganization, in which the company’s $1.3 billion in debt would be converted into equity and the company would emerge debt free.

“This confirmation order marks a key milestone in the company’s reorganization process, and we look forward to emerging in the near future with a strengthened capital structure and greatly improved ability to compete,” David Dunlap, president and CEO of Superior, said. “We are pleased with the results of this hearing, and we thank our employees, customers, lenders and suppliers for helping us to achieve this very favorable outcome.”

Ducera Partners and Johnson Rice & Company are acting as financial advisors for Superior and Latham & Watkins and Hunton Andrews Kurth are acting as legal counsel.

Evercore is acting as financial advisor for the ad hoc group of noteholders, with Davis Polk & Wardwell and Porter Hedges serving as legal counsel. FTI Consulting is acting as financial advisor for the agent for Superior’s secured asset-based revolving credit facility, with Simpson Thacher & Bartlett acting as legal counsel.

Superior Energy serves the drilling, completion and production-related needs of oil and gas companies.