Trico units extend term loan and plan deadline, settle vessel dispute

By Caroline Salls

Pittsburgh, Oct. 21 - Trico Marine Services, Inc. subsidiary Trico Shipping AS has entered into a second amendment to its priority credit agreement with Cantor Fitzgerald Securities, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment extends the termination date of a $7 million tranche B term loan commitment to Oct. 31 from Oct. 15 and extends the deadline for Trico Marine and the other loan guarantors to adopt a debt restructuring plan to Oct. 31 from Oct. 15.

In addition, Trico Marine subsidiary Trico Subsea AS has entered into a vessel construction dispute settlement with Tebma Shipyards Ltd.

Under the agreement, Tebma will pay $18.5 million to Trico Subsea by Nov. 5 and deliver specified equipment.

In exchange, Trico has agreed to waive all claims to the Tebma vessels and related refund guarantees.

Both parties will waive all claims against each other for the Tebma vessel construction contracts.

The settlement is subject to approval of both parties' boards of directors and Trico Subseas's creditors.

The agreement is subject to termination if the settlement payment is not received by Nov. 19.

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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