Oil and gas contractor Cal Dive files for bankruptcy

Cal Dive International

03/03/2015 23:28

March 3 (Reuters) - Offshore oil and gas contractor Cal Dive 
International Inc  CDVI.PK   said the company and its U.S. 
subsidiaries filed for voluntary bankruptcy protection. 
    Cal Dive's foreign units have not sought bankruptcy 
protection and will continue to operate outside of any 
reorganization proceedings, the company said on Tuesday. 
 ID:nPnbBMTyv  
    Cal Dive has been hurt by the slump in crude prices as oil 
and gas producers slash their capital spending budgets.  
    U.S. crude prices  CLc1  have more than halved since June.  
    "With our current capital structure, we are no longer able 
to financially withstand the industry downturn," Chief Executive 
Quinn Hebert said. 
    Cal Dive said it would sell non-core assets and reorganize 
or sell as a going concern its core subsea contracting business. 
    The Houston-based company said it received a commitment for 
up to $120 million in debtor-in-possession financing from its 
current first-lien lenders led by Bank of America  BAC.N .   
 
 (Reporting by Anannya Pramanick in Bengaluru; Editing by Kirti 
Pandey) 
 ((anannya.pramanick@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 3143 ; Reuters Messaging: 
anannya.pramanick.thomsonreuters.com@reuters.net)) 
 
Keywords: CAL DIVE INTL BANKRUPTCY/