| 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 non-debtor subsidiary to obtain new $22 million credit facility
By Lisa Kerner
Charlotte, N.C., Sept. 17 - Trico Marine Services, Inc. was granted approval of amendments to its term loan facility to allow non-debtor subsidiary Trico Shipping AS to obtain $22 million in financing to provide additional liquidity for the Trico Marine Group's non-debtor operating company family, according to an attorney familiar with the case.
As previously reported, despite having the need for additional liquidity at the non-debtor "Opco" family, the company said Trico Shipping is unable to draw on $22 million of available liquidity under its term loan facility because of changes in the Trico Marine group's financial condition.
As a result, Trico Shipping entered into the agreement in principle with some holders of its 11 7/8% senior secured notes due 2014 and Tennenbaum Capital Partners, Tennenbaum Opportunities Partners V, LP and Special Value Continuation Partners, LP.
Although none of the debtors in Trico Marine's bankruptcy case is a borrower, guarantor or pledging any interests under the proposed new credit facilities, the company said debtors Trico Marine Services, Trico Holdco, LLC and Trico Cayman are parties to several existing documents that will be amended in connection with the increased borrowing.
Trico Marine sought court approval of the amendments.
The new facility will include a $15 million term loan, which will be fully drawn at closing, and an additional senior secured delayed-draw term loan facility of up to $7 million.
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.