Seahawk Drilling postpones hearing to OK $105 million sale of assets

By Lisa Kerner

Charlotte, N.C., March 18 - Seahawk Drilling, Inc.'s final hearing on the sale of its assets to Hercules Offshore, Inc. has been reset to April 5 from March 22, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The pre-trial hearing on the matter was also reset, to March 31 from March 18.

Seahawk, Hercules, the debtors, the official committee of unsecured creditors, the official committee of equity security holders and Pride Petroleum all agreed to the date changes, the filing said.

As previously reported, in February Seahawk filed Chapter 11 bankruptcy to complete the proposed sale of substantially all of its assets to Hercules in a transaction valued at about $105 million.

The total sale consideration is comprised of 22.3 million Hercules shares plus enough cash to retire roughly $25 million of debt, as well as working capital liabilities subject to closing adjustments.

The sale had been expected to close in the second quarter, subject to bankruptcy court approval, Hercules lender approval and regulatory approval.

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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