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

People & Company News

Cutter Diligence to Return

The crew of the Coast Guard Cutter Diligence is scheduled to return to their homeport in Wilmington Saturday following a 45-day patrol in the Caribbean Sea. During their patrol,

Zarmati joins Fathom

Fathom has engaged 44-year cruise industry veteran Maurice Zarmati to work with the burgeoning company. Fathom, which provides a different kind of cruise that

HMS Protector Deployed to Antarctic

Ice ship HMS Protector is heading for waters no Royal Navy vessel has visited in 80 years as she begins a marathon deployment to Antarctica. The Plymouth-based


Moody Upgrades Port of Palm Beach

The Port of Palm Beach District announced that Moody’s Investors Service, Inc. upgraded the Port of Palm Beach District senior rating to Baa3 from Ba1, and reported the outlook to be stable.

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

Commodities See Biggest Price Jump in 3 Years

Commodities jumped on Friday, headed for their largest weekly gain in more than three years as base metals roared higher after Glencore pledged to slash zinc output

Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair 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: 0.1860 sec (5 req/sec)