By Houston Business Journal

A bankruptcy plan filed by Houston-based Seahawk Drilling Inc. becomes effective Tuesday, when the companyâ¿¿s assets will be moved to a liquidating trust.

The U.S. Bankruptcy Court in Corpus Christi approved the Chapter 11 reorganization plan in April, when many of the companyâ¿¿s assets, including 20 jack-up rigs, were sold to Hercules Offshore Inc. (Nasdaq: HERO) and SD Drilling LLC. The purchase price was 22,321,425 shares of Herculesâ¿¿ common stock plus cash to equal about $25 million. An escrow agent will hold the shares in a trust until they are distributed to the creditors and equity holder through the lender, Hayman Capital.

Seahawk (Nasdaq: HAWK) filed for bankruptcy protection in February.

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