Economic Woes, Energy Prices Push Trico Into Ch. 11

Law360, New York (August 26, 2010, 4:07 PM EDT) -- The U.S. operations of oil exploration services provider Trico Marine Services Inc. and its Cayman Islands holding company have filed for bankruptcy, blaming a decline in oil and gas prices, a sluggish economy, and a highly leveraged balance sheet.

In a filing with the U.S. Bankruptcy Court for the District of Delaware on Wednesday, the company listed total assets of approximately $30.6 million and liabilities of some $353.6 million as of July 31, 2010.

A provider of subsea, trenching and marine support vessels and services primarily...
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