Cal Dive International filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 31, 2015 and February 29, 2016, respectively.
The motion explains, “In the less than seven months since the Petition Date, the Debtors have worked diligently to ensure their smooth transition into chapter 11, address myriad issues related to the commencement of the chapter 11 cases, complete ongoing projects, and sell substantially all of their assets. Accomplishing these milestones in less than seven months has been a labor-intensive process, fully occupying the Debtors’ management team and the Debtors’ other professionals. With the substantial portion of the Debtors’ asset sales complete, the Debtors are in the process of analyzing the full scope and priority of claims and liens that creditors have asserted, including addressing complex issues of maritime law, and formulating a means to distribute sale proceeds held in reserve. Once this analysis is further developed and other administrative issues have been addressed and resolved, the Debtors will be in a position to determine the most efficient means for concluding these cases….The Debtors continue to make timely payments on their undisputed post-petition obligations. This factor as well thus weighs in favor of allowing the Debtors to extend the Exclusivity Periods.”
The Court scheduled an October 16, 2015 hearing to consider the extension motion, with objections due by October 9, 2015. Read more bankruptcy news.