Superior Offshore Shares Plunge

November 18, 2007

Shares of Superior Offshore International Inc., plunged after the company delayed filing its third-quarter financial statement. A Merrill Lynch analyst downgraded the Houston-based company's stock to "Neutral" from "Buy." Superior Offshore shares dropped 77 cents, or 9 percent, to close at $7.83, after plunging 24 percent to $6.56 earlier in the session. The stock has dropped more than 40 percent since its initial public offering priced at $15 in April.

In a Securities and Exchange Commission filing, Superior Offshore said the third-quarter filing was delayed as the company determines whether it is required to reclassify long-term debt as current debt. Superior Offshore said the reclassification may be necessary under the terms of a waiver from a lender related to defaults on the company's senior secured term loan facility. The company is currently negotiating a term loan facility with another lender to refinance the facility. Source: CNN

Related News

Russia Steps in After India Drops Safety Cover for Sanctioned Vessels No Evidence of Ship-to-ship Transfer of Iranian Oil off Malaysia, PM Says Collapsed Baltimore Bridge Blasted into Pieces Salvors Set to Blast Collapsed Baltimore to Pieces Vessel Hijacking Attempt Reported off the Coast of Yemen