The U.S. Bankruptcy Court approved Cal Dive International motion to convert its Chapter 11 reorganization proceeding to a liquidation under Chapter 7.
As previously reported, the Company had argued, As oil prices dropped, so did the appetite for oil and gas companies to drill offshore. This precipitous decline in the industry, in turn, caused the Debtors utilization levels to further deteriorate postpetition, and also led to increased delay in the Debtors receiving payment for completed projects from their largest customer, Petróleos Mexicanos (Pemex). Due to these prevailing market conditions, the Debtors determined that a comprehensive plan of reorganization w…
Read the full article at: http://bankruptcompanynews.com/cal-dive-bankruptcy-news-3-10-17/