HOUSTON –Cal Dive International Inc. (OTC: CDVI) and its US subsidiaries have filed simultaneous voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the US Bankruptcy Code.
The company’s foreign subsidiaries have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings.
Cal Dive’s chairman, president, and CEO Quinn Hebert said, “Our business has experienced several adverse events that were beyond our control, and with our current capital structure, we are no longer able to financially withstand the industry downturn. In 2014, our financial performance suffered primarily as a result of delays caused by the suspension of two large projects, weather disruptions, and delays caused by other contractors...
“By availing ourselves of the Chapter 11 process, we can achieve an orderly restructuring for our business that has consistently produced competitive results under a more favorable capital structure.”