The Company expects that its common stock may be available for trading on the Pink Sheets and may be available for trading on the Over-The-Counter Bulletin Board, although there is no assurance that the Company's common stock will be or remain available for trading on either of these quotation services, or that a trading market for the Company's common stock will develop or be maintained.
As previously announced on November 12, 2004, the Company and its two primary U.S. subsidiaries, Trico Marine Assets, Inc. and Trico Marine Operators, Inc. have commenced soliciting consents from the holders of the Company's outstanding $250 million 8 7/8% senior notes due 2012 (the "Senior Notes") to approve a "pre-packaged" plan of reorganization (the "Plan") under Chapter 11 of Title 11 of the United States Code. The Plan contemplates, among other things, that outstanding shares of the Company's common stock will be cancelled, and that current holders of these outstanding shares will receive, in exchange for their shares, warrants for new common stock on a basis yet-to-be determined. Details of the Plan, including a copy of the Plan, the Company's disclosure statement and related documents are available at http://www.kccllc.net/trico . The solicitation period expired on December 13, 2004. The Company intends to promptly commence a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code. While there is no assurance that the Company will file such a reorganization petition or that the Plan will be adopted or implemented as contemplated in the solicitation, under the Plan the outstanding shares of the Company's common stock will have no value other than the value of the warrants to be exchanged for such shares.
Most Popular Articles
From the Career Center
Jobs that may interest you