Seahawk Drilling asks court to approve Hercules $146,640 audit payment

By Lisa Kerner

Charlotte, N.C., June 8 - Seahawk Drilling, Inc. filed an emergency motion for an order approving the audit assistance agreement between the debtors and Hercules Offshore, Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

A hearing is requested for June 14.

Under the agreement, Hercules will pay the debtors $146,640 and reimburse reasonable expenses with respect to a financial audit for the fiscal year ended Dec. 31.

The audit, related to Hercules' purchase of certain Seahawk assets in April, is necessary for Hercules to stay in compliance with the reporting requirements of the Securities and Exchange Commission, the filing said.

Seahawk agreed to assist with the audit upon Hercules' request in May.

The debtors will subsequently pay the $146,640 to their employees performing the audit as set forth in the audit agreement.

Seahawk, a Houston-based offshore drilling company, filed for bankruptcy on Feb. 11. The Chapter 11 case number is 11-20089.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.