Cal Dive International

Following its bankruptcy filing, the Cal Dive secured a $120 million DIP facility ($20.2 million in new money, $99.8 million roll-up) from Senior Secured Lenders. Carl Marks Advisors (CMA) was engaged as CRO and investment banker, replacing the prior financial advisor.

CMA reviewed the financial projections to present both a “hunker down” plan to the DIP/first lien lenders and a going concern model to potential strategic and financial bidders. They also assessed and advised the Company on key restructuring initiatives, including managing the DIP loan to remain within the $120 million limit, making payments to vendors, creditors, and professionals, and implementing cost reductions and workforce reductions.

Additionally, CMA facilitated the sale of individual vessels to reduce the DIP balance and sourced and negotiated with potential bidders interested in acquiring the going concern business or specific regions. They managed the monthly DIP budget forecast and 13-week cash forecast, ensuring financial oversight throughout the process. Ultimately, CMA successfully auctioned both the going concern business and the vessel fleet.