Trico Shipping again prolongs exchange offer, plan vote solicitation

By Jennifer Chiou

New York, March 31 - Trico Marine Services, Inc. subsidiary Trico Shipping AS announced another extension of the expiration time for its out-of-court exchange offer to holders of its 11 7/8% senior secured notes due 2014 and pre-packaged plan of reorganization vote solicitation, this time to 5 p.m. ET on April 1.

The deadline previously was midnight ET on March 30.

The extension also covers a solicitation of noteholder consents to amendments to the governing indenture.

Trico said the exchange offer and solicitations were originally scheduled to expire at midnight ET at the end of March 28.

As of March 30, $395,421,000 principal amount of notes, or 98.86% of the outstanding amount, had been tendered for exchange. That figure was up from the $272.58 million principal amount, or 68.14%, of notes tendered on March 28.

The plan votes are being solicited from the noteholders and other Trico Shipping creditors.

The noteholders are being offered a pro rata share, together with the lenders under Trico Shipping's working capital facility, of 95% of the common stock of DeepOcean Group Holding AS, a to-be-formed Norwegian company that would be the holding company of the Trico Supply Group.

Additional information about the exchange offer is available to noteholders by contacting Epiq Systems Inc. (646 2822400).

Trico Shipping previously said it was in talks with other creditors regarding the restructuring. The company is a subsidiary of Trico Marine Services, a marine services company based in the Woodlands, Texas. Trico Marine filed for bankruptcy on Aug. 25, 2010 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-12653. Trico Shipping is not a debtor in Trico Marine's bankruptcy case.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.