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Trico Marine emerges from Chapter 11
By Ellen Chang
Houston, March 15 - Trico Marine Services, Inc. said it has emerged from Chapter 11.
As part of its emergence, the Houston-based provider of marine support services to the oil and gas industry obtained a new $75 million exit facility. The exit facility is made up of a $55 million term loan and a $20 million revolving credit facility.
Bear Stearns Corporate Lending Inc. is administrative agent and revolving credit collateral agent for the new facility, and The Bank of New York is term loan collateral agent.
Interest is at Libor plus 525 basis points.
The term loan can be repaid at a price of 103 for the first two years, then at 102, 101 and declining to par after four years. The maturity date is five years. Starting in the second year, it amortizes by $5 million a year.
Under the plan of reorganization, the holders of Trico's $250 million 8 7/8% senior notes due 2012 will receive all the fully diluted new common stock of the reorganized company.
Holders of the company's common stock will receive warrants exercisable for 10% of the common stock of the reorganized company.
The company's new stock will trade on Nasdaq under the symbol TRMA.
Joseph Compofelice will continue as Trico's non-executive chairman. Thomas Fairley, Trico's president and chief executive officer, and Edward Hutcheson will also remain on the board.
Per Staehr, chairman of A2SEA A/S, Richard Bachmann, chairman, president and chief executive officer of Energy Partners Ltd., M.W. (Bill) Scoggins, retired executive vice president of ExxonMobil Production Co., and Kenneth Burke, retired partner and former national energy director of Ernst & Young, LLP have joined Trico's board.
Trico made a prepackaged bankruptcy filing on Dec. 21 in the U.S Bankruptcy Court for the Southern District of New York with the support of 99.9% of its creditors. Its Chapter 11 case number is 04-17985.
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