Trico Marine Services, Inc. Emerges From Chapter 11, Announces New Directors

Tuesday, March 15, 2005
Trico Marine Services, Inc. announced that it has successfully completed its Chapter 11 reorganization and it and two principal subsidiaries have also emerged from bankruptcy. Thomas Fairley, Trico's President and Chief Executive Officer commented, "We are pleased to emerge from bankruptcy and I would like to thank the Company's customers, employees and suppliers for their continued support. Their loyalty and hard work have made it possible to reach this point on such an expedited schedule." Chapter 11 petitions were filed by Trico and its two principal U.S. subsidiaries on December 21, 2004. The U.S. Bankruptcy Court for the Southern District of New York confirmed Trico's Plan of Reorganization on January 21, 2005 and all conditions have been met which cleared the way for Trico and its subsidiaries to emerge from Chapter 11. As a result of the reorganization, the Company eliminated debt and accrued interest totaling in excess of $275 million, and reduced annual interest expense by approximately $22.2 million. Trico emerges with $145 million of consolidated indebtedness as well as $53 million of borrowing capacity under its new and existing credit facilities pro forma as of December 31, 2004. Under the terms of the plan of reorganization (the "Plan"), the holders of the Company's $250 million 8 7/8% senior notes due 2012 (the "Senior Notes") on the date of the Company's emergence from Chapter 11 (the "Effective Date") receive, in exchange for their total claims (including principal and accrued and unpaid interest), 10,000,000 shares of common stock of the reorganized Company (the "New Common Stock"), representing 100% of the fully-diluted common stock of the reorganized Company before giving effect to (i) the potential exercise of warrants to be distributed to the Company's existing holders of common stock pursuant to the Plan and (ii) stock options and restricted stock issued under a long-term incentive plan. In addition, pursuant to the Plan, holders of the Company's common stock ("Old Common Stock") will be entitled to receive, on a pro rata basis, for each 74 shares of Old Common Stock, warrants that are exercisable for, in the aggregate, 10% of the New Common Stock of the reorganized Company (before giving effect to the long-term incentive plan). All of the shares of Old Common Stock have been cancelled and converted into the right to receive warrants described above. The Nasdaq has assigned the stock symbol TRMA as the trading symbol for the new common stock.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2967 sec (3 req/sec)