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Prospect News home > News index > List of issuers T > Headlines for Trico Marine Services Inc. > News item
Published on 6/18/2010 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P cuts Trico Marine to D

Standard & Poor's said it lowered the corporate credit ratings on Trico Marine Services Inc. and its indirect foreign subsidiary Trico Supply AS to D from CC, and cut Trico Shipping's $400 million 11 7/8% senior secured notes to D from CCC- with 2 recovery rating.

"The ratings actions follow the recent announcement by Trico Marine that the 30-day grace period for the $8 million interest payment originally due May 15, 2010, on the 8.125% second-lien convertible debentures expired without payment," S&P analyst Patrick Y. Lee said in a statement.


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