Trico Marine Services, Inc. (fka TRMAQ)

[RonnieD]

if this goes bk the book value of assets higher than liabilities would make it a strong buy. most likely they will issue more stock and have new management, however they could also restructure the debt in a prefab bk.

On June 10, 2010, Trico Marine Services, Inc. (the “Company”) announced the following:
The Company referenced its disclosure in its Quarterly Report on Form 10-Q for the period ended March 31, 2010 that it might avail itself of a 30-day grace period with respect to the approximately $8 million interest payment due on May 15, 2010 on its 8.125% secured convertible debentures due 2013, stated that there was no assurance that the Company would be able to make such interest payment before the end of the grace period, and discussed the consequences that would or could ensue from such a failure to make such payment, including the possibility that all of the Company’s outstanding indebtedness would become callable by its creditors. The Company did not make the interest payment in question on May 15, 2010. As of June 10, 2010, the Company’s forecasted cash and available credit capacity are not sufficient to enable it to make the missed payment prior to the end of the grace period. However, the Company and its financial advisor, Evercore Partners, are in discussions with some of the Company’s existing debtholders regarding the waiver of certain defaults and/or cross-defaults, and/or obtaining a forbearance from the exercise of remedies upon certain defaults and/or cross-defaults. In addition, the Company and Evercore Partners are in discussions with various potential lenders and some of the Company’s existing debtholders regarding obtaining additional financing in connection with a possible proceeding under Chapter 11 of the United States bankruptcy code. However, the Company may not obtain such liquidity, waivers and forbearances prior to the end of the grace period, and therefore may be required to seek protection under the bankruptcy laws either at the end of the grace period referred to above or at such time as any waivers or forbearances cease to be in effect. For a more complete description of risks to which the Company and its business are subject, please see the risk factors set forth in Item 1A of Part II of our 2nd Quarter 10-Q, together with the risk factors set forth in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the period ended December 31, 2009.