With Few Options Left, Cal Dive Shifts To Ch. 7 In Del.
Law360, Wilmington (March 8, 2017, 7:25 PM EST) -- Undersea oil and gas exploration company Cal Dive International Inc. scuttled remnants of its 2-year-old Chapter 11 on Wednesday, securing a Delaware judge's approval to convert the case to Chapter 7 liquidation and hand remaining operations over to a trustee.
Cal Dive attorney Suzzanne S. Uhland of O'Melveny & Myers LLP told U.S. Bankruptcy Judge Christopher S. Sontchi the decision followed a long effort to first pare down and reorganize the Houston-based company and then sell off its assets through Chapter 11.
"At this time, the debtors have no continuing material business purpose other than the administration of a handful of litigation...
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