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CM - Superior & Forbes call off all-stock combination deal - June 2020
Market conditions have killed the halfyear attempt to combine Superior Energy Services and Forbes Energy Services in an all-stock transaction that would have ultimately given Superior shareholders a 52% stake in the new company. The decision to end the process has a slight wrinkle for a Superior debt exchange that occurred in February. Superior agreed to swap $635 million in 7.125% notes due 2021 for a like amount of 8.75% senior notes due 2026,......
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