Cal Dive International, Inc., a provider of offshore construction services for the oil and natural gas industry, had been significantly affected by a rapidly deteriorating business environment resulting from the continued drop in oil prices, adverse weather conditions, and third party contractor delays. The company filed for bankruptcy in Delaware with plans to sell its domestic and international assets and operations, and obtained a debtor-in-possession (DIP) facility from the secured lenders. The prepetition capital structure included $100 million of secured debt, $100 million of second lien debt, and $86 million of convertible notes.
Cal Dive subsequently engaged Carl Marks Advisors as Chief Restructuring Officer to provide bankruptcy, financial, and operational advisory services. The firm was separately engaged and approved by the bankruptcy court to provide sell side investment banking services. Carl Marks Advisors was selected because of our past track record with middle market energy companies, our deep market knowledge, and significant experience in bringing creative and effective solutions to businesses facing financial distress.