In the Cal Dive International, Inc. bankruptcy proceeding, a formation meeting has been scheduled for Tuesday, March 17, 2015 at 10:00 a.m. (ET) at the Doubletree Hotel, 700 N. King Street, Wilmington, DE 19801.  Click here for a copy of the Notice of Formation Meeting for Official Committee of Unsecured Creditors issued by the Office of the United States Trustee.

The U.S. Trustee has not yet requested that a Section 341 Meeting of Creditors be scheduled.

One way in which creditors can assert their interests is to attend the Formation Meeting and become a part of the creditors’ committee.  The creditors’ committee is one of the most active participants in a corporate bankruptcy, and has access to a significant amount of information not available to normal creditors.  There are, naturally, trade-offs to gaining access to this information (limitations on a company’s ability to trade in securities of the debtor), but you will be far better informed of what occurs in the bankruptcy proceeding.

Cal Dive’s Bankruptcy

According to the Declaration of Quinn J. Hébert, Document 15 in this case (Quinn Declaration attached here), Cal Dive and it’s bankrupt affiliates constitute a global marine contractor that provided highly specialized offshore services.  Over the past year, Cal Dive has been struggling with liquidity issues, which ultimately led to its bankruptcy filing.  Through its bankruptcy, Cal Dive intends to sell off certain underutilized assets through a 363 sale, and reorganize its core business, which it claims is still profitable.  See Quinn Declaration at * 5.  Given its declared intent to reorganize and the continued relationships Cal Dive will have with its creditors and suppliers, this is a case in which creditors should consider attending the Formation Meeting and (if possible) joining the creditors’ committee.