Cal Dive bids for Torch OffshoreNews // April 15, 2005
In exchange for these assets, the company will receive consideration of approximately US$92.0 million, including a deposit of US$4.6 million, which will be credited towards the purchase price.
The Agreement does not include the company's accounts receivable, overhead assets unrelated to the operation of the vessels, and claims owned by the company's bankruptcy estate.
The agreement has been filed with the United States Bankruptcy Court for the Eastern District of Louisiana along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers for all or part of the company's assets, as required under Section 363 of the Bankruptcy Code.
The company anticipates that a transaction involving all or part of its assets will be completed in the second quarter of 2005, pending approval of the Bankruptcy Court and certain government regulatory agencies.