Trico Shipping extends exchange offer, plan vote solicitation two days

By Caroline Salls

Pittsburgh, March 29 - Trico Marine Services, Inc. subsidiary Trico Shipping AS has extended the expiration time of its out-of-court exchange offer to the holders of its 11⅞% senior secured notes due 2014 and pre-packaged plan of reorganization vote solicitation to midnight ET on the end of March 30, according to a company news release.

The plan votes are being solicited from the noteholders and other Trico Shipping creditors.

The extension also covers a solicitation of noteholder consents to the governing indenture.

Trico said the exchange offer and solicitations were originally scheduled to expire at midnight ET on the end of March 28.

As of that time, $272.58 million principal amount of notes, representing 68.14% of the outstanding principal amount, had been validly tendered in the exchange offer.

The company said it believes a number of noteholders plan to tend additional notes, and Trico Shipping is in talks with other creditors regarding the restructuring.

Trico Shipping is a subsidiary of Trico Marine Services, a marine services company based in the Woodlands, Texas. Trico Marine filed for bankruptcy on Aug. 25, 2010 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-12653. Trico Shipping is not a debtor in Trico Marine's bankruptcy case.

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