Trico Marine Services, Inc. (fka TRMAQ)

[Madclown]

The market agrees with your assessment that TRMA is slightly less than solid. Junior bonds trading at 4% of par and the secured debt is trading in the 26% to 31% range. Market cap of less than $8 million on the equity.

I haven't done any significant work yet on the name but I know you have looked at the covenants and the timetable for a bk filing. I am wondering if this eventually becomes a liquidating chapter 11 and if so, whether the secured guys will step in and credit bid a 363 sale to take the equity or just let someone else buy the assets and pay them in cash? Choice of venue could be a big indicator as to whether the creditors will proceed with a credit bid. I know some jurisdications have been disallowing such moves by the secured creditors so it will be interesting to watch.

http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=trma&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=