Trico Marine, subsidiary extend deadlines through loan amendments

By Caroline Salls

Pittsburgh, Oct. 7 - Trico Marine Services, Inc. has entered into an amendment to its debtor-in-possession credit agreement to extend the deadline for entry of a final order allowing the company to borrow on the DIP loan to refinance a pre-bankruptcy credit agreement, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Specifically, the final refinancing order deadline was extended to Oct. 20 from Oct. 1.

The amendment also added covenants requiring the transfer of funds to Trico Marine from Trico Shipping AS and the delivery of letters of intent regarding vessel sales to DIP loan agent Obsidian Agency Services, Inc.

In addition, Trico Shipping has entered into an amendment to its priority credit agreement with Cantor Fitzgerald Securities, extending the termination date of a $7 million tranche B term loan commitment to Oct. 15 from Oct. 1.

The Trico Shipping loan amendment also extends the deadline for Trico Marine and the other guarantors to adopt a debt restructuring plan to Oct. 15 from Oct. 1.

Trico, a marine services company based in the Woodlands, Texas, filed for bankruptcy on Aug. 25 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-12653.

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