Trico Marine: court OK's bid procedures for sale of two vessels

By Lisa Kerner

Charlotte, N.C., Nov. 10 - Trico Marine Services, Inc.'s bid procedures for the sale of two vessels, Trico Moon and Trico Mystic, to stalking horse bidder Tidewater Inc. for a total of $26 million, or to the highest bidder were approved on Wednesday, according to an attorney familiar with the case.

As previously reported, the initial minimum overbid must be $27.5 million.

If Tidewater is not the winning bidder, Trico agrees to pay a break-up fee of $780,000.

An auction, if necessary, will be held on Nov. 28 and a sale hearing will be held on Nov. 30.

In October Trico's 3% senior convertible debentures holders Arrowgrass Master Fund Ltd. and Arrowgrass Distressed Opportunities Ltd. filed an objection to the company's request for approval of the $26 million sale of Trico Moon and Trico Mystic vessels to Tidewater.

The debtors received a letter of intent from GulfMark Offshore, Inc. on Oct. 22 to acquire the vessels for $27.5 million and pushed for an open bidding process for the asset sale.

Trico, a marine services company based in The Woodlands, Texas, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 10-12653.

© 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.