Seahawk Drilling granted interim access to $5.75 million of DIP loan

By Caroline Salls

Pittsburgh, April 26 - Seahawk Drilling, Inc. was granted interim access to $14.25 million in wind-down debtor-in-possession financing from Hayman Capital Master Fund, LP, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for May 10.

Tranche A of the proposed financing consists of an initial draw of up to $5.75 million upon interim approval of the loan, and tranche B consists of a secondary draw of $8.5 million upon final court approval.

Seahawk said the wind-down facility will fund its operations during the period following the closing of the sale of its assets to Hercules Offshore, Inc.

The loan will be paid with shares of Hercules common stock on the effective date of the company's plan of reorganization.

The wind-down facility will mature on the earlier of Jan. 31 and the second business day after the effective date of a plan of liquidation or reorganization.

Interest will be 13%.

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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