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    Judge approves sale of most Torch Offshore vessels

    News // June 10, 2005
    A bankruptcy judge in New Orleans has reportedly approved a request by Torch Offshore to sell most of its vessels to Houston-based Cal Dive International.Reports in the US suggest that Torch Offshore will be "shuttered" unless its stockholders can come up with enough money to pay all of the company's claims in full by June 17th.Torch Offshore filed for bankruptcy reorganisation in January and ceased operating last month.U-S Bankruptcy Judge Jerry Brown said Torch Offshore could sell a significant portion of its assets to Cal Dive and Epic Divers Incorporated for US$86.5 million.Torch Offshore's chief executive and founder, Lyle Stockstill, was given 10 days to raise US$175-200 million to keep the company from being liquidated.

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