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Secured Noteholders are impaired.
Class 2: 8.125% Notes Secured Claims
Estimated Amount of Claims: [ ]
Impaired. Except to the extent that a Holder of an Allowed 8.125% Notes Secured Claim agrees to less favorable treatment or as otherwise provided in the Plan, and to the extent not previously paid, Allowed 8.125% Notes Secured Claims shall be paid from the proceeds of the sale of Collateral securing such Claims. Holders of Allowed 8.125% Notes Secured Claims shall retain their Liens and any other interests in and to any Collateral securing such Claims, provided however, that upon any sale of such Collateral, in whole or part, such sale shall be free and clear of any such Liens, Claims or other interests, with such Liens, Claims or other interests attaching to the proceeds of such sale in the same priority as existed prior to such sale. Any 8.125% Notes
Deficiency Claim shall be treated as a Class 6 General Unsecured Claim and shall be entitled to vote in such Class to accept or reject the Plan.
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About Trico
Trico Marine is an integrated provider of subsea, trenching and marine support vessels and services. Trico Marine recently increased its subsea market presence through its acquisition of DeepOcean, a recognized market leader in the provision of high quality subsea services including, IMR, survey and construction support, subsea intervention and decommissioning, marine trenching and the laying and burying of subsea cable. DeepOcean controls a well equipped fleet of 14 vessels and operates a fleet of modern ROVs and trenching equipment. Trico Marine also continues to provide a broad range of marine support services to the oil and gas industry through use of its diversified fleet of vessels including the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment, and support for the construction, installation, repair and maintenance of offshore facilities. Trico Marine is headquartered in Houston, Texas and has a global presence with operations in the North Sea, West Africa, Mexico, Brazil and Southeast Asia as well as the Gulf of Mexico.
For more information about Trico Marine Services, Inc. visit us on the web at www.tricomarine.com.
Company Profile
TRMAQ was incorporated in 1993 to provide supply boat and other marine services for offshore oil & gas. An over-expansion in the early 2000s resulted in a prepackged bankruptcy filing on 12/21/2004 which converted a senior note issue representing more than 80% of Trico's debt into 100% equity ownership (before dilution).
The company once again expanded and diversified into subsea services, trenching and protection in 2008 by acquiring Active Subse, DeepOcean SA and CTC Marine Projects Ltd. (a DeepOcean subsidiary). The timing of these transforming acquistions was financially unfortunate. They were for cash, (approximately $1.1 billion), mostly debt financed, and completed just befor ethe energy peak in 2008, followed by the recession and credit crunch of 2009.
TRMAQ has experienced weaker-than-expected performance in 2009 and first 2 quarters of 2010 due to recession and has been unable to reduce the company's high level of leverage. Due to the disappointing operating resultings, the company has filed a Voluntary Chapter 11 releif at the Bankruptcy Court of Delaware on 8/25/2010.
Results of 2004 Chapter 11 Proceedings
It is important to note that during the previous Chapter 11 proceedings in 2004, the shareholders were not completely wiped out. Shareholders received warrants to buy up to 10% of the shares of the new reorganized TRMAQ. After the proceedings, shares of TRMAQ peaked at US$43.42 per share in April 2009.
COMPANY NEWS; COURT APPROVES TRICO MARINE BANKRUPTCY PLAN
Published: January 20, 2005
http://query.nytimes.com/gst/fullpage.html?res=9F04E4DB1038F933A15752C0A9639C8B63&ref=trico-marine-services-inc
Trico Marine Services, which transports equipment to offshore oil rigs, won court approval of a plan to exit bankruptcy that will wipe out $270 million in debt and give bondholders a majority stake in the company. Judge Stuart M. Bernstein of Federal Bankruptcy Court in Manhattan confirmed the plan yesterday, less than one month after Trico filed for bankruptcy protection. Under the plan, Trico's bondholders will get at least 82.5 percent of company's stock. Shareholders will get warrants to buy up to 10 percent of the shares, with management getting options for the rest. Trico is based in Houma, La
Ongoing Chapter 11 Proceedings (2010)
Organizational Chart Prior to Voluntary Chapter 11 Filing
