Trico Marine Services to sell remaining towing and supply vesselsNews // December 17, 2010
Trico Marine Services in the US has announced that it has reached an agreement concerning the sale of its remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the 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 the announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea vessels.
The vessels Trico intends to sell include: Spirit River, Hondo River, Palma River, Buffalo River, James River, Leigh River, Manatee River and Pearl River, as well as related inventory.
Trico can 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 12.00pm CST on January 17th 2011.
Trico will hold a final auction at 10.00am CST on January 24th 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.
Additional information about Trico's restructuring and vessel specifications are available at the company's website, www.tricomarine.com.
Access to court documents and other general information about the Chapter 11 cases, is available at http://dm.epiq11.com/trico.