Trico Marine forced to postpone interest paymentNews // May 17, 2004
The company says non-payment of the interest due on May 15, 2004 does not constitute an event of default under the indenture governing the Senior Notes unless such non-payment continues following the expiration of a 30-day grace period.
No decision has been made as to whether Trico will make the interest payment before the expiration of the grace period.
As Trico considers its financial alternatives, the Company's cash reserves and current revenue generation are sufficient to maintain normal operations, including timely payments to all employees, suppliers and vendors. The decision to utilize its grace period with respect to the interest payment will not impact its day-to-day operations.
Consistent with its objective of reviewing financial restructuring alternatives, Trico has entered into discussions with financial and legal advisors to an ad hoc committee of noteholders who represent that they hold, in the aggregate, not less than 80 percent of the Senior Notes.