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Seahawk Drilling: bankruptcy court approves disclosure statement
By Lisa Kerner
Charlotte, N.C., July 7 - Seahawk Drilling, Inc.'s disclosure statement was approved by the U.S. Bankruptcy Court for the Southern District of Texas, according to an attorney familiar with the case.
As previously reported in May the company filed its plan of reorganization and related disclosure statement after selling substantially all of its assets to Hercules Offshore, Inc. for 22.32 million shares of Hercules and $25 million in cash.
The plan calls for the distribution of sale proceeds and proceeds from the liquidation of remaining assets.
Treatment of creditors will include:
• Holders of secured tax claims will be paid in full in cash;
• Holders of other secured claims will receive either Hercules common stock and a fractional cash payment or the collateral securing their claims;
• Holders of priority non-tax claims, disputed pride claims and general unsecured claims will receive Hercules common stock and a fractional cash payment;
• Holders of litigation and other contingent unsecured claims will receive Hercules common stock and a fractional cash payment after the application of insurance proceeds and other third-party payments;
• Holders of subordinated claims will receive a distribution of Hercules common stock and a fractional cash payment after all senior claims are paid in full; and
• Holders of interests and subordinated 510(b) common stock claims will receive a share of Hercules common stock and the net cash proceeds from the liquidation of liquidating trust assets after all other claims and liquidating trust expenses have been paid in full.
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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