On March 3, 2015, Cal Dive International, Inc. and five affiliates filed voluntary chapter 11 bankruptcy petitions
in Delaware. The cases are docketed at 15-10458 and have not, as of this posting, been assigned to any particular judge.
According to the Declaration of Quinn J. Hebert
, CEO, President, Chairman of the Board of the Debtor and acting CFO, the Debtors, together with certain non-debtor foreign affiliates are a global marine contractor providing services to customers engaged in the offshore oil and gas industry. 2014 revenue was approximately $394 million. The Hebert Declaration cites construction delays and weather disruptions as factors impacting the Debtors’ ability to complete work and recoup capital outlays, thus dramatically impacting liquidity.
Although, according to the Declaration, the Debtors worked to find a refinancing solution to shore up their liquidity, the Debtors were sharply impacted by the plummeting oil and gas prices. In turn, the plummeting prices and uncertainty about the oil and gas market made it more difficult to find financing. The Debtors were therefore forced to file the chapter 11 cases.