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Cal Dive International Inc. Launches Its Clawback Campaign

March 2, 2017, Delaware – Cal Dive International Inc., the defunct undersea oil drilling services firm,
launched a campaign of avoidance actions last month, seeking to clawback more than $20 million in payments made before it filed for Chapter 11 protection. On March 2, 2017, Cal Dive’s counsel, The Rosner Law Group LLC initiated almost 136 avoidance actions in the Delaware Bankruptcy Court to recover so-called preference payments under §§547 and 550 of the Bankruptcy Code, made during the 90-day period before the debtor entered bankruptcy. In its complaint, subject to proof, Cal Dive Offshore Contractors, Inc., as debtor-in-possession also seeks to avoid and recover from a defendant or any other person or entity for whose benefit transfers were made under sections 548 and 550 of the Bankruptcy Code any transfers that may have been fraudulent conveyances. The Court has not scheduled pre-trial conferences so far in the debtor’s bankruptcy cases.Before the wind-down of the debtors’ operations, the debtors and their non-debtor foreign affiliates constituted a global marine contractor that provided highly specialized manned diving, pipe lay and pipe burial, platform installation and salvage, and well-intervention services to a diverse customer base in the offshore oil and gas industry. The debtor is continuing to operate as debtors in possession. The case is In re Cal Dive International, Inc., Case No. 15-10458 in United States Bankruptcy Court for the District of’Delaware.