Offshore oil and gas contractor Cal Dive International Inc. said that the company and its U.S. subsidiaries filed for voluntary bankruptcy protection, Reuters reported yesterday. Cal Dive's foreign units have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings, the company said yesterday. Cal Dive has been hurt by the slump in crude prices as oil and gas producers slash their capital spending budgets. U.S. crude prices have more than halved since June. "With our current capital structure, we are no longer able to financially withstand the industry downturn," Chief Executive Quinn Hebert said. Cal Dive said it would sell non-core assets and reorganize or sell as a going concern its core sub-sea contracting business. The Houston-based company said that it received a commitment for up to $120 million in debtor-in-possession financing from its current first-lien lenders led by Bank of America. Read more.
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