Trico Supply Group completes restructure

In the out-of-court restructuring, US$399,500,000, or 99.88 percent, of Trico Shipping’s senior secured notes due 2014, the Trico Supply Group’s working capital facility debt and intercompany claims and interests held by Trico Marine entities, will be equitised and the holders will proportionately share all the common stock of DeepOcean Group, a new Norwegian private limited company.

DeepOcean Holding and its subsidiaries, including Trico Supply, Trico Shipping, DeepOcean, CTC and other subsidiaries, will no longer be subsidiaries of Trico Marine. The DeepOcean Group has commenced independent operations and will continue to operate these businesses in the normal course.  

“We are pleased to have completed the out-of-court restructuring of DeepOcean Group,” said Richard A Bachmann, Trico Marine's Chairman of the Board of Directors, President and Chief Executive Officer. “Through this process and the separation of DeepOcean Group, we have significantly reduced DeepOcean Group's total debt outstanding and improved its liquidity position. Furthermore, the out-of-court restructuring delivers value to the company's bankruptcy estate.”

The out-of-court restructuring of DeepOcean Group does not otherwise alter the company's pending bankruptcy proceeding before the United States Bankruptcy Court.