Seahawk filed for reorganisation under Chapter 11 of the US bankruptcy code after a string of quarterly losses, nearly 18 months after it was spun off Pride International on 24 August 2009.
Hercules is offering 22.3 million of its common shares and $25 million in cash to pay off Seahawk’s Debtor-in-Possession loan, which Seahawk secured in connection with its bankruptcy filing to support the business and provide liquidity before the closing of the transaction.
The
