Seahawk Drilling equity security holders eye committee formation

By Lisa Kerner

Charlotte, N.C., Feb. 17 - Seahawk Drilling, Inc. equity security holders MHR Fund Management LLC, Andalusian Capital Partners LP, HSBC Global Asset Management (USA) Inc., and Mercer Park LP filed an expedited motion asking the court to appoint an official committee of equity security holders, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

A hearing has been requested for Feb. 18.

The "moving shareholders," holding over 10% of the equity in the debtors, seek appointment of an equity committee to secure independent representation for public shareholders "at this crucial stage of these Chapter 11 proceedings," the filing said.

According to the motion, the debtors are "attempting to fast-track a DIP motion and prearranged sale that equity has not had adequate time to review."

As previously reported, Seahawk inked a deal to sell substantially all of its assets to Hercules Offshore, Inc. in a stock and cash transaction valued at about $105 million.

The company was recently granted interim court approval to use $25.8 million of its $35 million debtor-in-possession credit facility from the D.E. Shaw group's direct capital unit.

Seahawk, a Houston-based offshore drilling company, filed for bankruptcy on Feb. 11. The Chapter 11 case number is 11-20089.

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