Trico to Sell Remaining Towing and Supply Vessels

Friday, December 17, 2010

Trico Marine Services, Inc. (Pink Sheets: TRMAQ) announced that it has reached an agreement with the company's major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the towing and supply business.  The United States Bankruptcy Court for the District of Delaware recently issued an order approving the agreed upon sale process.

The company noted that today's announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.  The vessels Trico intends to sell include the Spirit River, Hondo River, Palma River, Buffalo River, James River, Leigh River, Manatee River and Pearl River, as well as related inventory.  Trico may present acceptable offers for the sale of any vessels to the Court promptly upon agreement with a buyer.  In order to procure the highest and best offer, Trico has been authorized by the court to conduct an auction if multiple offers for the same vessel are received. 

The deadline to submit an offer for any remaining vessel(s) not previously presented to the court is 12:00 pm CST on January 17, 2011.  Trico will hold a final auction at 10:00 am CST on January 24, 2011 for any offer received for such remaining vessel(s) prior to the final offer deadline.  The court will subsequently conduct a sale hearing to approve any sales made at the final auction or that otherwise have not yet been approved.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

People in the News

FMC Chairman Applauds USCG Statement on Container Weights

Federal Maritime Commission (FMC) Chairman Mario Cordero commended the Coast Guard for issuing a bulletin last week regarding container weights that he hopes allows

Port of Vancouver CEO Coleman to Step Down

Todd Coleman, CEO of Port of Vancouver USA, step down from his position May 19, after 15 years with the port.   Coleman, a Professional Engineer, began his career with the port in 2001,

Kalmar Straddle Carriers for EUROGATE CT, Hamburg

Kalmar, part of Cargotec, is to deliver nine diesel-electric straddle carriers to EUROGATE, Europe's leading shipping line-independent container terminal operator,

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.0726 sec (14 req/sec)