Trico Marine plans to auction off more towing and supply vessels

By Caroline Salls

Pittsburgh, Feb. 28 - Trico Marine Services, Inc. plans to conduct an auction to sell additional towing and supply vessels in connection with its exit from the towing and supply business, according to a company news release.

The vessels to be sold include the Elm River, Suwanee River, Trinity River and Palma River, as well as any additional vessels whose sales have not closed by the auction date.

The company will also sell the vessels' related inventory.

Trico said the sale of the vessels will be on an "as is, where is" basis.

The auction will be held on March 21, and the sale hearing is scheduled for March 28.

The company said it may accept an offer and executive a purchase agreement for any of the vessels before the auction date. Trico could then withdraw those vessels from the auction.

Trico, a marine services company based in the Woodlands, Texas, filed for bankruptcy on Aug. 25, 2010 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-12653.

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