The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.
MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004
Make sure you know how the new tax rules work!
February 22, 2005
Trico Marine set to exit Chapter 11
Trico Marine Services, Inc. (OTC Pink Sheets: TMARQ) says it has entered into a new $75 million exit financing facility agreement with its existing U.S. senior secured lenders comprising a $55 million term loan and a $20 million revolving credit facility (the "Exit Credit Agreement"). The Exit Credit Agreement will become effective and replace the company's existing $75 million debtor-in-possession financing facility following final approval by the United States Bankruptcy Court for the Southern District of New York.
At the request of the lenders, the company will file a motion with the Bankruptcy Court on Tuesday, February 22, 2005 requesting approval of certain modifications to the Exit Credit Agreement. Trico will request that a hearing on the motion be held on accelerated notice. Trico says it anticipates that the requested approval will be the final step prior to emerging from Chapter 11, which is now expected to occur not later than March 15, 2005. Trico and two of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 on December 21, 2004.