Trico Shipping AS, a subsidiary of Trico Marine Services Inc., Houston, (Pink Sheets: TRMAQ) has extended the expiration date of its out-of-court exchange offer to the holders of its 11 7/8% senior secured notes due 2014 and the solicitation of consents to the governing indenture to 5:00 p.m. Eastern Time on April 7. Withdrawal rights under the exchange offer will not be extended by the new expiration date.
The company has extended the deadline for submitting ballots to accept or reject the prepackaged plan of reorganization to 5:00 p.m. Eastern Time on April 18. The exchange offer, consent solicitation and solicitation of acceptances of the prepackaged plan are otherwise unchanged.
The exchange offer, consent solicitation and solicitation of acceptances of the prepackaged plan were scheduled to expire at 5:00 p.m. Eastern Time on April 5. At 5:00 p.m. Eastern Time on April 5, 2011, $396,454,000 principal amount of notes representing approximately 99.11% of the outstanding principal amount of the notes had been validly tendered and not withdrawn in the exchange offer. The company is extending the expiration date of the exchange offer in order to permit the progression of negotiations with other creditors, whose agreement is a condition to the exchange offer.
The company has not yet filed the prepackaged plan referred to above. In the event the financial restructuring plan is implemented pursuant to the prepackaged plan, such restructuring plan is dependent upon a number of factors, including: the filing of petitions for relief under chapter 11 of the U.S. Bankruptcy Code, the filing of the prepackaged plan; the approval of a disclosure statement by the U.S. Bankruptcy Court; and the confirmation and consummation of the prepackaged plan in accordance with the provisions of the U.S. Bankruptcy Code.
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