Trico bank lenders issue notice of default, guarantee demand

New York, Sept. 20 - Trico Marine Services Inc. said it received a notice of default and guarantee demand from Bear Stearns Corporate Lending Inc., the administrative agent under a $55 million term loan issued to Trico's two primary domestic subsidiaries in February 2004.

The notice of default was issued based on previous defaults caused by Trico's non-payment of interest on its $250 million 8 7/8% senior notes due 2012 in June.

The Houma, La.-based offshore transportation company previously said it plans a pre-packaged Chapter 11 filing that will give its 8 7/8% senior noteholders all of the reorganized company's stock.

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