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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

PMSC Approved to Supply Armed Guards on French Ships

Aspida is the first PMSC to be permanently approved by CNAPS to provide armed guards onboard French flagged vessels.   Maritime security firm Aspida informs that as of June 12,

Maersk Returns to the Port of Baltimore

Maryland Lt. Governor Boyd Rutherford, along with congressional, state and local officials, officially welcomed Denmark-based Maersk Line, part of the Maersk Group

BMT Awarded Port Geographe Coastal Engineering Contract

BMT JFA Consultants (BMT), a subsidiary of BMT Group,  has been awarded a contract by the Western Australian Department of Transport (DoT) to provide services as

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1479 sec (7 req/sec)