Trico Marine debenture trustee eyes changes to cash collateral use

By Lisa Kerner

Charlotte, N.C., April 25 - Trico Marine Services, Inc.'s trustee for its 8 1/8% secured convertible debentures due 2013 U.S. Bank N.A. filed an emergency motion on Thursday asking the court to modify or terminate the debtors' use of cash collateral.

A hearing was requested for Monday, April 25, according to the filing with the U.S. Bankruptcy Court for the District of Delaware.

The matter has been deferred until May 13 or May 16, according to an attorney familiar with the case.

U.S. Bank wants the court to prohibit the debtors' further use of cash collateral unless certain conditions are satisfied.

The trustee, among other things, wants protection against the diminution in value of its liens since the petition date, as well a superpriority lien on all remaining assets of the debtors' estates.

Previously, the court ruled that Trico could use the cash collateral of its secured lenders and holders of its 8 1/8% second-lien convertible debentures through May 17.

Trico, a marine services company based in the Woodlands, Texas, filed for bankruptcy on Aug. 25, 2010. 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.