Trico commences prepackaged bankruptcy News
// January 7, 2005
Trico Marine Services in the US has announced that, as previously indicated, it and two of its domestic subsidiaries have filed a 'prepackaged' Chapter 11 financial reorganisation case to restructure and substantially reduce the company's debt, strengthen its balance sheet, and increase its liquidity.
The prepackaged bankruptcy case was filed at the end of December in the US Bankruptcy Court for the Southern District of New York. As part of its bankruptcy filing, the company also filed with the Bankruptcy Court its prepackaged plan of reorganisation.
Holders of the company's US$250 million 8 7/8% senior notes due 2012 voted overwhelmingly to accept the plan. The company's plan has received acceptances from 99.9% of the creditors who cast votes on the plan.
Based on this high degree of support, it is expected that Trico will complete its restructuring quickly, with the company's exit from chapter 11 expected to occur in less than 60 days.
As previously indicated, the company expects to continue normal operations throughout the process.
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