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any idea about what will happen to the commons?
TRMAQ: TRMAQ Trico Marine Services, Inc. Common Stock New 1/31/2012
Plan of Bankruptcy Effecitve. All shares have been cancelled. Deletion time: 9:50:09
http://www.otcbb.com/asp/dailylist_detail.asp?d=01/31/2012&mkt_ctg=NON-OTCBB
Right on ernie!! I agree 100%. But, I owned that one years ago before there LAST bankruptcy. They will draw this out for ever just like last time when they were trma. Take care. Good luck sarge.
You know what you wanna make on it..... don't overstay because gains from an unexplained run can evaporate pretty quick.
Enjoy.
I know I got to get out soon! They just had a 300% run!
Nope I'm not in...... It is too risky not knowing what day the shares get cancelled.
Bilco your in trmaq? Un-fortunatly I am! LOL
sold way too soon. owned 50k at .01. dangit!
TRMAQ news: Liquidation and commons are canceled:
http://biz.yahoo.com/e/110817/trmaq.pk8-k.html
17-Aug-2011
Bankruptcy or Receivership
Also, as previously disclosed, on August 2, 2011, the Bankruptcy Court entered an order (the "Confirmation Order") confirming the Chapter 11 plan of liquidation (the "Plan") for the Company,...
As previously disclosed on a Form 8-K filed by the Company on August 5, 2011, regardless of when the Equity Interests (as such term is defined in the Plan) in the Company are canceled, holders of Equity Interests will receive no distributions under the Plan. ...
Something somewhere somehow, has created a buying frenzy I just can't find anything to explain it. Sorry.
Thanx man. I believe you now that it is backed by evidence. Even so, it is nutso that the price went up on the event. Seen a lot but this is a new one 4 me.
l8r
And thanx again.
Imperial Whazoo
But the commons are IN FACT toast.
The Plan is a liquidating plan that provides, among other things, for the liquidation of the Plan Debtors’ remaining assets by a Plan Administrator and for the satisfaction of all Allowed Claims. All existing Equity Interests in the Company will remain in place for a period of 90 days after the Effective Date, pending a decision by the Plan Administrator to implement certain transactions described in the Plan. Should the Plan Administrator not elect to keep the existing Equity Interests outstanding, such Equity Interests shall be cancelled on the 90 th day after the Effective Date. In either event, existing holders of Equity Interests will receive no distributions under the Plan.
I think the surge was due to confusion about whats happening. The new equity is going into a private company.
ITS JUST MASS CONFUSION AND SOME GAINS SHOULD BE BANKED BEFORE THE BUYERS FIGURE OUT THEY ARE BUYING DEAD STOCK.
Don't insult me with your unfounded tripe. P&D artists are crooks in my book. Are you one?
Imperial Whazoo
TRMAQ might be out of BK shortly as it's been in bankruptcy for 2 years and all common shares will be Wiped Out!
Do you Pump And Dump? Those guys are pumping it up so that people are buying in while they're actually Dumping all the shares before the wipe-out.
It makes me wish I bought .01's when I noticed the bounce chart. One heck of a bounce!!
Jason
The thing puzzles me too. A poster earlier said that the common are going to get blown away due to coming out of BQ, but the price move today says otherwise. The only thing I can guess is that the poster saying this wants shares so he posts that they will disappear to get people to bail. But thats just a guess.
If they are not going to be worth anything as a result of the end of BQ, why is there a market for the shares today? Who would load up on shares that are doomed to be worthless? Doesn't make sense.
Imperial Whazoo
Something is up! I thought it would do a technical bounce but this is crazy!!! I think the commons could be remaining?
TRMAQ is going out of Bankruptcy and the Common shares are wiped out!
as JHTAQ did today.
I think there may be a gradual climb this week. MM's computers will run the show.
I think someone is counting on a technical bounce. JMO
someones taking a big position..
I got out yesterday after reading liquidation news. It still going up eventhough it's worthless. Why I don't know.
Debtor files Plan of Liquidation (2/25/11)
Class 9: Old TMS Equity
Impaired. Old TMS Equity will be cancelled or otherwise terminated and Holders of Allowed Old TMS Equity will receive no Distribution under the Plan.
Source: Epiq Systems [Docket 975]
New company is formed by exchange of $400M debt representing 85% of equity, 5% assigned for Trico Marine shareholders (about $23 M) which is worth $1+ ($23M/22M outstanding shrs). TRMAQ now is trading for $0.05 which means it is way undervlued.
I thought common shaeholders will receive 5% of thenew company. Is that so?
Lucky for you these things don't happen overnight.
Seems to be trading up today despite...
http://www.otcmarkets.com/stock/TRMAQ/quote
What does that mean for us commoners...?
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.
Debtor files Plan of Liquidation (2/25/11)
Class 9: Old TMS Equity
Impaired. Old TMS Equity will be cancelled or otherwise terminated and Holders of Allowed Old TMS Equity will receive no Distribution under the Plan.
Source: Epiq Systems [Docket 975]
Judge Shannon Grants Motion to Extend Exclusivity (2/14/11)
Debtor may file a plan through and including 2/28/11.
Solicitation of acceptances is extended through and including 4/29/11.
Source: Epiq Systems (Docket 912)
What the PPS wil do after the chapter 11??
chapter 11 plan that will "benefit all constituencies"
all constituencies = common gets a piece of the pie - merrrrry christmas
Docket 672 - page 17
Debtors are not requesting an extension to pressure their creditors in any way, but instead merely to gain sufficient time to formulate a chapter 11 plan that they believe will benefit all constituencies.
Docket 672 - pg. 17
extension of the Exclusive Periods will increase the likelihood of a greater
distribution to the Debtors' stakeholders by facilitating an orderly, efficient, and cost-effective
sale and plan process for the benefit of all creditors
Trico to Sell Remaining Towing and Supply Vessels
http://finance.yahoo.com/news/Trico-to-Sell-Remaining-prnews-4179874025.html?x=0&.v=1
warrants - Docket 581
http://dm.epiq11.com/TMG/docket/Default.aspx?rc=1
On November 30, 2010, the Depository Trust Company (“DTC”) announced within its system, the solicitation by Trico Shipping AS (“Trico Shipping”) of consents and waivers (the “Consent Solicitation”) from the holders of the 11 ?% Senior Secured Notes due 2014 (the “Notes”) to (i) modify and/or waive certain provisions contained in the indenture pursuant to which the Notes were issued, dated as of October 30, 2009, among Trico Shipping, as issuer, the guarantors identified therein and Deutsche Bank National Trust Company (as successor trustee to Wells Fargo Bank, N.A.), as trustee thereunder (the “Trustee”) (as amended by the First Supplemental Indenture, dated as of June 25, 2010, the Second Supplemental Indenture, dated as of September 21, 2010 and as may be further amended by a third supplemental indenture to be entered into on or after the consummation of the consent solicitation if the requisite consents are obtained, referred to hereafter as the “Indenture”), and (ii) make certain other amendments, supplements and waivers to any of the covenants and related definitions in the Indenture or in other related agreements and documents reasonably necessary or appropriate to implement the foregoing.
Trico Shipping is making the solicitation to sell two of its vessels, Trico Sabre and Trico Star, pursuant to an agreement for an aggregate of $52.3 million and to apply the net sale proceeds to repay debt and enhance its liquidity as described below. All or a significant portion of the net sale proceeds will be used to pay down indebtedness under the Notes and the working capital facility pro rata. The proposed amendments will provide that, if $20 million in new commitments are received under the priority credit agreement and certain other conditions are met, Trico Shipping shall apply the entire net sale proceeds to redeem Notes and repay debt under its working capital facility and shall be permitted to incur $20 million of additional secured indebtedness under its priority credit facility. In the alternative, if such conditions are not met, Trico Shipping shall be permitted to retain $20.0 million of the net sale proceeds for working capital purposes and the remainder shall be applied to redeem Notes and repay debt under its working capital facility. In either case, the proceeds used to redeem Notes and repay debt under the working capital facility shall be applied 91.64% to redeem the Notes at par plus accrued interest, without paying a make-whole premium, and 8.36% to repay debt under the working capital facility, without paying a prepayment premium. Approval of the proposed amendments requires the consent of the holders of all the outstanding Notes as of the record date. Notwithstanding the foregoing, Trico Shipping may close the Consent Solicitation with less than the consent of all holders pursuant to the proposed waiver (as described more fully in the Consent Solicitation Statement).
The Consent Solicitation will expire at 5:00 p.m., Eastern Time, on December 8, 2010. The consenting holders will not receive a consent fee.
In connection with the Consent Solicitation, Trico Shipping submitted the following documents (the “Consent Solicitation Documents”) to DTC for review: (i) consent solicitation statement, (ii) letter of consent, (iii) letter to DTC participants and (iv) form letter to clients. The Consent Solicitation Documents are available on Trico Shipping’s website, at www.tricomarine.com.
The Consent Solicitation Documents are filed as Exhibits 10.1 — 10.4 to this Current Report on Form 8-K and are incorporated by reference into this Item 8.01. The descriptions of the Consent Solicitation Documents contained in this Current Report on Form 8-K are summaries of the terms of the actual documents and are qualified in their entirety by reference to the complete text of such documents.
What does this do to commons??
Any projections??
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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
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