June 16, 2004
Trico misses interest payment
Houston-headquartered offshore services provider Trico Marine Services, Inc. has announced that it will not make the payment of interest due under its outstanding $250 million 8 7/8 percent senior notes due 2012 (the "Senior Notes") following the expiration of a 30-day grace period to make such a payment.
The company had previously exercised its right to utilize the grace period and made a public announcement to that effect on May 10, 2004.
"As a result of the decision not to make the interest payment and the expiration of the 30-day grace period," said a statement, "the company will be in default under the Senior Notes which gives rise to cross-default provisions under certain other agreements."
Trico says it "continues to analyze its financial restructuring alternatives" and "is continuing to hold discussions with financial and legal advisors to an ad hoc committee of holders of the Senior Notes and with other creditors."
Trico says it "intends to make timely payments to all employees, suppliers and vendors."
Trico provides a broad range of marine support services to the oil and gas industry, primarily in the Gulf of Mexico, the North Sea, Latin America, and West Africa. The company's fleet of over 90 vessels includes 54 supply boats, 10 crew boats, 9 line-handling boats, 11 platform supply vessels, 7 anchor handling tug supply vessels and a SWATH. Trico's fleet includes highly specialized vessels equipped to work in deep water and extreme weather conditions.