Helix Energy Solutions 8-K 2005
Washington, D.C. 20549
Date of Report (Date of earliest event reported): April 1, 2005
Cal Dive International, Inc.
(Exact name of registrant as specified in its charter)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement.
On April 7, 2005, Cal Dive International, Inc. (the Company) announced that it entered into an asset purchase agreement (the Agreement) dated April 1, 2005, with Torch Offshore, Inc. and its wholly-owned subsidiaries, Torch Offshore, L.L.C. and Torch Express, L.L.C., (collectively, Torch) whereby the Company has agreed to serve as the stalking horse bidder for the purchase of Torchs fleet of vessels, including all equipment, inventory, intellectual property and other assets related to the operation of the vessels. In exchange for these assets, Torch will receive consideration of approximately $92.0 million, including a deposit of $4.6 million, which will be credited towards the purchase price. The Agreement does not include Torchs accounts receivable, overhead assets unrelated to the operation of the vessels, and claims owned by Torchs bankruptcy estate.
The Agreement was filed on April 6, 2005 with the United States Bankruptcy Court for the Eastern District of Louisiana (the Bankruptcy Court) 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 Torchs assets, as required under Section 363 of the Bankruptcy Code. The Company anticipates that a transaction involving all or part of Torchs assets will be completed in the second quarter of 2005, pending approval of the Bankruptcy Court and certain government regulatory agencies.
Attached hereto and incorporated by reference is a copy of the Agreement as Exhibit 10.1. In addition, a copy of the press release dated April 7, 2005 is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
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Cal Dive International, Inc.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: April 12, 2005
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Index to Exhibits
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