Brief: Cal Dive commences voluntary chapter 11 proceeding
03/03/2015 22:45
March 3 (Reuters) - Cal Dive International Inc CDVI.PK : * Commences voluntary chapter 11 proceeding * Foreign subsidiaries have not sought bankruptcy protection,will continue to operate outside of any reorganization proceedings * Co will sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business * Co and its U.S. subsidiaries will continue to operate businesses as debtors-in-possession under jurisdiction of bankruptcy court * Co,u.s. units filed simultaneous voluntary petitions in bankruptcy court seeking relief under provisions of chapter 11 * Got commitment for up to $120 million in debtor-in-possession (dip) financing from first lien lenders * Dip financing to provide adequate funds for post-petition supplier and employee obligations * Dip financing to provide adequate funds also for company's ongoing operations needs during the chapter 11 process * Commitment to "immediately provide additional liquidity to continue its operations during the chapter 11 process" * Source text for Eikon ID:nPnbBMTyv * Further company coverage CDVI.PK ((Bengaluru Newsroom; +1 646 223 8780))