Trico fails to pay coupon in grace period, talks continue

New York, June 15 - Trico Marine Services Inc. said it failed to pay the coupon scheduled for May 15 on its $250 million 8 7/8% senior notes due 2012 within the 30-day grace period.

As a result, the company is in default on the notes, triggering a cross default on some other agreements.

The Houston provider of marine support services to the oil and gas industry said it is continuing to look at restructuring alternatives and is continuing to hold discussions with the financial and legal advisers to an ad hoc committee of holders of its senior notes and with other creditors.

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