14 Feb 2012substantial holder notice● Neutral
Chilton Investment Company, LLC reported no remaining SEAHAWK DRILLING, INC. shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2012substantial holder notice● Neutral
Lonestar Partners, L.P, Cottonwood Capital GP LLC, Lonestar Capital Management LLC, Peter Levinson, Jerome L. Simon, Yedi Wong reported no remaining SEAHAWK DRILLING, INC. shareholding in its periodic institutional filing.
3 Oct 2011bankruptcy or receivership▼ BadMajor
On September 28, 2011 the Bankruptcy Court confirmed Seahawk's Chapter 11 plan (filed in May, amended July 6). On the Effective Date, expected around October 4, 2011, all existing common stock is cancelled; former holders keep only a right to distributions of the leftover Hercules shares and cash, paid only after all allowed claims are paid or reserved in full, and not before the Pride dispute/credit-support conditions are met. The filing does not state what, if anything, that leftover will be. Directors Myers, Nesser and Segner and officer Easter are removed on the Effective Date, and a Liquidating Trust takes 100 new shares and becomes sole stockholder. This resolves the open questions on the plan and on equity treatment.
4 Aug 2011substantial holder notice● Neutral
Anthion Master Fund, L.P, Anthion Management, LLC, David Moradi disclosed a new substantial SEAHAWK DRILLING, INC. shareholding (5.07% of votes).
14 July 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 6,000 shares at $5.20.
29 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 2,000 shares.
24 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 2,000 shares at $5.51.
20 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 2,000 shares at $5.66.
9 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 3,079 shares at $6.33.
8 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 3,000 shares at $6.52.
2 June 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Franklin Myers sold 1,600 shares at $7.10.
27 Apr 2011asset acquisition disposition● NeutralMajor
On April 27, 2011 Seahawk completed the sale of substantially all its drilling assets to Hercules Offshore (approved by the Bankruptcy Court on April 5), receiving 22,321,425 Hercules shares and $25,000,012 in cash, worth about $154.5 million at Hercules' $5.80 closing price the day before. Substantially all the cash goes to repay the D.E. Shaw DIP loan and expenses, and the Hercules shares are held in escrow pending a reorganization plan and distribution to claim holders. A new wind-down DIP loan of up to $14.25 million from Hayman Capital Master Fund (13% interest, maturing by Jan 31, 2012) funds the wind-down. This completes the sale agreed on February 11; the filing does not state what existing shareholders receive.
18 Apr 2011production update● Neutral
Fleet report as of April 14, 2011: seven rigs marketed and thirteen cold stacked. Seahawk 3000 has Arena work at $60,000 to Jul 6 and then $70,000 for 70 days to Sep 15, 2011. Seahawk 2004 shows Walter Oil & Gas jobs and a Petroquest contract at $37,500 (96 days to Oct 7, permit pending), and 2007 adds Breton at $37,500. This is a routine update ahead of the Hercules sale closing.
6 Apr 2011substantial holder notice● Neutral
Lonestar Partners, L.P, Cottonwood Capital GP LLC, Lonestar Capital Management LLC, Peter Levinson, Jerome L. Simon, Yedi Wong disclosed a new substantial SEAHAWK DRILLING, INC. shareholding (7.90% of votes).
22 Mar 2011listing compliance notice● NeutralMajor
SEAHAWK DRILLING, INC.'s exchange filed to remove a class of its securities from listing.
10 Mar 2011production update● Neutral
Fleet report as of March 10, 2011, during the bankruptcy: seven rigs are marketed and thirteen cold stacked, with 2505 and 2504 now listed as cold stacked. Seahawk 3000 is under an Arena contract (120 days, $60,000, to Jul 7), 2601 is with Chevron at $55,425 for 157 days to Aug 13, and 2001 has new Great GulfCan work at $37,500 for 90 days. Seahawk 2007 also has Great GulfCan work at $35,000 before returning to Castex at $36,000.
9 Mar 2011substantial holder notice● Neutral
BlackRock, Inc reported a SEAHAWK DRILLING, INC. shareholding of 10,450 shares (0.09% of votes) in a periodic institutional filing.
28 Feb 2011substantial holder notice● Neutral
MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC, MHR FUND MANAGEMENT LLC, MARK H. RACHESKY, M.D disclosed a new substantial SEAHAWK DRILLING, INC. shareholding (9.80% of votes).
22 Feb 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. Sr VP and COO Hoffman William Conrad sold 10,741 shares at $4.42.
18 Feb 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. director Stephen A Snider sold 16,790 shares at $4.65.
17 Feb 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. Sr VP & CFO James R Easter sold 25,000 shares.
17 Feb 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. President and CEO Randall D Stilley sold 290,924 shares.
17 Feb 2011director interest notice● Neutral
SEAHAWK DRILLING, INC. Sr VP and COO Hoffman William Conrad sold 101,712 shares.
16 Feb 2011listing compliance notice▼ BadMajor
On February 15, 2011 NASDAQ told Seahawk its common stock will be delisted because of the Chapter 11 filing and because, after the Hercules asset sale, the company may no longer have an operating business. Unless the company appeals, trading is suspended at the open on February 24, 2011 and a Form 25-NSE will be filed. This follows the bankruptcy filing and asset sale agreement of February 11.
14 Feb 2011substantial holder notice● Neutral
Chilton Investment Company, LLC reported a SEAHAWK DRILLING, INC. shareholding of 1,110,786 shares (9.30% of votes) in a periodic institutional filing.
14 Feb 2011substantial holder notice● Neutral
MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC reported a SEAHAWK DRILLING, INC. shareholding of 1,109,817 shares (9.30% of votes) in a periodic institutional filing.
14 Feb 2011bankruptcy or receivership▼ BadMajor
On February 11, 2011 Seahawk and seven subsidiaries filed for Chapter 11 bankruptcy in the Southern District of Texas (Corpus Christi) and signed a deal to sell substantially all assets to Hercules Offshore for 22,321,425 Hercules shares plus $25,000,012 in cash, valued at about $100 million at $3.36 per share on Jan 27, 2011; the sale needs Bankruptcy Court approval. It also took a DIP credit facility of up to $35 million from D.E. Shaw Direct Capital Portfolios (12% plus the higher of one-month LIBOR or 3%), partly to repay the Natixis facility, whose balance was about $17.9 million and which was accelerated by the filing. Pride International also sent a default notice under the Tax Support Agreement and demanded cash collateral. Separately, the company will terminate certain employees and officers including General Counsel Alejandro Cestero and Chief Accounting Officer William G. Evans (the filing text is truncated after that). The filing does not say what shareholders will receive.
14 Feb 2011substantial holder notice● Neutral
Alan Fournier c/o Pennant Capital Management, L.L.C, Pennant Capital Management, L.L.C reported a SEAHAWK DRILLING, INC. shareholding of 483,769 shares (4.04% of votes) in a periodic institutional filing.
11 Feb 2011substantial holder notice● Neutral
Manulife Financial Corporation, John Hancock Small Cap Intrinsic Value Fund disclosed a new substantial SEAHAWK DRILLING, INC. shareholding (5.65% of votes).
8 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a SEAHAWK DRILLING, INC. shareholding of 836,496 shares (6.99% of votes) in a periodic institutional filing.