Cal Dive International

When a sharp decline in oil prices set of a wave off exploration and production industry bankruptcies, O’Melveny stepped in to assist Houston-based oil and gas infrastructure company Cal Dive International in all aspects of its chapter 11 proceedings pending in the US Bankruptcy Court for the District of Delaware. Our successes included securing approval of Cal Dive’s first-day motions, including a hotly contested financing motion for a US$120 million debtor-in-possession loan. In addition, O’Melveny led Cal Dive through the marketing and sale of its assets, including the sale of its 14-vessel fleet, and its Australia and Mexico operating subsidiaries. O’Melveny also secured several victories over a group of objecting maritime lienholders, including objections to bid procedures and a bar date, and a motion to appoint an official committee of maritime lienholders.