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    Trico Marine to exit bankruptcy this month

    News // February 4, 2005
    Trico Marine Services in the US says it expects to emerge from bankruptcy protection early this month.

    The Houston-based company, plus two of its units, filed for Chapter 11 bankruptcy on December 21st.

    Trico said a bankruptcy court has entered a final order approving the company's credit agreement with lenders who would provide cash for its operations and restructuring under Chapter 11.

    Trico's debtor-in-possession financing amounts to US$75 million, which after the fulfillment of certain conditions, would convert into a exit financing facility, comprised of a US$55 million term loan and a US$20 million revolving credit facility, the company said in a statement.

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