Trico Marine Services Announces Nasdaq Delisting
Trico Marine Services
|Friday, December 10, 2004
Trico Marine Services, Inc. (Nasdaq: TMAR) announced that the Company received written notice from The Nasdaq Listing Qualifications Staff that, because of the Company's failure to comply with the $1.00 minimum bid price per share necessary for continued listing on The Nasdaq National Market as set forth in Marketplace Rule 4450(a)(5), the Company's common stock will be delisted from The Nasdaq National Market at the opening of business on December 17, 2004, unless the Company appeals the Staff's determination. This determination follows the Staff's initial notice of our non-compliance with Rule 4450(a)(5) as previously announced by the Company on June 14, 2004. At this time, the Company does not believe it has any reasonable basis for challenging the Staff's determination to delist the Company's common stock effective at the opening of business on December 17, 2004, and therefore is not planning to appeal this determination.
After the Company's common stock is delisted from The Nasdaq National Market, the Company expects that the common stock may be available for trading on the Pink Sheets and/or the Over-The-Counter Bulletin Board, although there is no assurance that the Company's common stock will remain or be 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 after delisting from The Nasdaq National Market.
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 solicitation of consents from the holders of the Company's outstanding $250 million 87/8% 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 "Code"). The Plan contemplates, among other things, that all outstanding shares of the Company's common stock will be cancelled, and that the holders of these outstanding shares at the time of cancellation 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 will expire on December 13, 2004, and promptly thereafter the Company intends to commence a voluntary petition for reorganization under the 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 Company's common stock will likely have no value other than the value of the warrants to be exchanged for such shares.