Trico expects to emerge from Chapter 11 this monthNews // March 4, 2005
The Exit Credit Agreement will become effective and replace the company's existing US$75 million debtor-in-possession financing facility following final approval by the United States Bankruptcy Court for the Southern District of New York.
At the request of the lenders, the company file a motion with the Bankruptcy Court on Tuesday, February 22nd, 2005 requesting approval of certain modifications to the Exit Credit Agreement.
Trico will request that a hearing on the motion be held on accelerated notice. The company anticipates that such approval will be the final step prior to emerging from Chapter 11, which is now expected to occur not later than March 15th, 2005.
The company and two of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 on December 21st, 2004.