Trico Marine files amended liquidation plan, tweaks creditor treatment

By Caroline Salls

Pittsburgh, May 19 - Trico Marine Services, Inc. filed an amended plan of liquidation and related disclosure statement on May 19 with the U.S. Bankruptcy Court for the District of Delaware to amend the treatment of several creditor classes.

When it filed the original plan in February, the company said that it had liquidated substantially all of its assets and was in the process of liquidating remaining assets.

Treatment of creditors under the amended plan will include:

• Holders of administrative claims and priority claims will be paid in full in cash;

• U.S. credit facility claims and debtor-in-possession facility claims were paid in full before the amended plan was filed, so the company will not make any distribution for these claims under the plan.

Under the original plan, holders of U.S. credit facility claims were slated to be paid in full in cash;

• Holders of 8 1/8% notes secured claims will be paid in full in cash. Trico said operating company equity and warrants will not be monetized to satisfy the notes claims unless they have not been paid in full one year from the plan effective date.

Under the previous plan, the noteholders were to be paid from the proceeds of the collateral securing the claims;

• Holders of other secured claims will either be paid in full in cash, have their claims reinstated or receive the collateral securing the claims;

• Holders of general unsecured claims will receive a share of $250,000 in cash. Under the original plan, these creditors were slated to receive a share of available assets, and convenience claimants would have received a share of $250,000. There is no convenience claims class in the amended plan;

• Holders of qualified investor claims and 8 1/8% notes deficiency claims will receive a share of distribution assets; and

• Holders of intercompany claims, intercompany interests and old TMS equity will receive no distribution.

The disclosure statement hearing is scheduled for May 23.

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.

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