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Seahawk Drilling's $105 million asset sale OK'd by bankruptcy court
By Lisa Kerner
Charlotte, N.C., April 5 - Seahawk Drilling, Inc.'s sale of its assets to Hercules Offshore, Inc. was approved by the U.S. Bankruptcy Court for the Southern District of Texas on April 5, according to an attorney familiar with the case.
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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