Trico Marine Services gets OK to use $3 million of cash collateral

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Trico Marine Services, Inc. was granted approval on Monday to use roughly $3 million in cash collateral, according to an attorney familiar with the case.

As previously reported, the company wants to use the cash to preserve the remaining value in its estates while it continues the asset sales and a wind-down of its business.

Trico, a marine services company based in The Woodlands, Texas, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 10-12653.

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