| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Trico Marine Services Inc. > News item |
Trico Marine retains Lazard Freres to advise on debt reduction
By Jeff Pines
Washington, April 27 - Trico Marine Services Inc. said it retained Lazard Freres & Co. LLC and Kirkland & Ellis as advisors to help it find ways of cutting its debt.
They will help the company consider alternatives such as selling assets, raising money and restructuring debt, including restructuring its 8 7/8% senior notes due 2012, the company said.
In addition, Trico promoted Joseph Compofelice, chairman of Trico's audit committee, to non-executive chairman.
Ronald Palmer, the company's executive chairman has decided to step down as a director and executive. Trico said, however, he will contain to provide services to the company.
The company did not say who would take over as chief executive and did not respond to the question by press time.
"We are clearly accelerating our efforts to meet Trico's financial challenges. Joe Compofelice brings outstanding financial management expertise and credibility to the chairman's seat. His job will be to work with all parties involved in the financial alternatives analysis while I will continue to focus on meeting Trico's business objectives," Palmer said in a news release.
Compofelice has been a director since 2003 and has been an executive with CompX International, Titanium Metals, Baroid Corp., NL Industries and Tremont LLC.
Based in Houma, La. and Houston, Trico Marine Services provides marine support services to the oil and gas industry.
Trico's $250 million of senior notes dropped into trading levels in the 40s recently and have traded in the mid to low 40s in the past few days. But in response to the announcement Tuesday they firmed to 47.5, but trading flat, or without accrued interest. An $11.09 million interest payment is due on the notes on May 15.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.