Judge OKs Bankrupt Trico's Noteholder Settlement

Law360, New York (February 10, 2011, 7:45 PM EST) -- Trico Marine Services Inc. received bankruptcy court approval Thursday for a settlement that will give control of several of its nondebtor subsidiaries to noteholders owed $400 million.

Judge Brendan L. Shannon approved the deal at a hearing in the U.S. Bankruptcy Court for the District of Delaware, allowing for the exchange of $400 million in high-yield notes guaranteed by Trico for stock in its operating company subsidiaries, Trico Supply AS and Trico Shipping AS, which issued the notes.

The deal also disposes of $525 million in...
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