Trico sets process for selling remaining towing and supply vessels

By Caroline Salls

Pittsburgh, Dec. 16 - Trico Marine Services, Inc. has reached an agreement with its major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, according to a company news release.

The sale will exclude vessels owned by entities that are not part of the company's bankruptcy proceedings, including Trico's North Sea towing and supply vessels.

The vessels Trico intends to sell include the Spirit River, Hondo River, Palma River, Buffalo River, James River, Leigh River, Manatee River and Pearl River, as well as related inventory.

Trico said it can present acceptable offers for the sale of any vessels to the U.S. Bankruptcy Court for the District of Delaware promptly upon agreement with a buyer.

In order to procure the highest and best offer, Trico has been authorized by the court to conduct an auction if multiple offers for the same vessel are received.

The deadline to submit an offer for any remaining vessel(s) not previously presented to the court is 1 p.m. ET on Jan. 17.

Trico will hold a final auction on Jan. 24 for any offer received for the remaining vessel(s).

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.