Offshore service vessel operator Trico Marine Services has announced that its US companies and its Cayman Islands holding company have filed voluntary petitions for relief in the United States Bankruptcy Court for the District of Delaware.
Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the US Bankruptcy Code.
Trico's US and worldwide operations are expected to continue without interruption during the restructuring process.
"Over the last several months, we have worked diligently to improve our liquidity, including through the sale of US$3.0 million of non-core assets, the sale of a North Sea class vessel for US$16 million and additional cost-cutting initiatives," CEO Richard A. Bachmann.
The company has said that a court-supervised restructuring is the best course of action for the.
In conjunction with the filing, Trico has received a commitment for up to US$35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC. US$10 million will represent incremental liquidity.
Separately, the Company announced that Trico Shipping and its affiliates have reached an agreement in principle for US$22 million in senior secured multi-draw term loan financing from certain holders of its eleven 7-8 percent Senior Secured Notes representing approximately 80 percent of the Trico Shipping Notes and Tennenbaum.
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