Judge Clears Trico Ch. 11 Plan For Creditor Vote

Law360, Wilmington (May 23, 2011, 7:06 PM EDT) -- Trico Marine Services Inc. won a Delaware bankruptcy court’s blessing Monday to begin soliciting votes on its Chapter 11 liquidation plan, under which most creditors will see only pennies on the dollar for their claims.

U.S. Bankruptcy Judge Brendan L. Shannon said at a hearing that he would sign off on Trico’s disclosure statement after the company works with creditors on some minor language changes, overruling an objection from aggrieved creditor Arrowgrass Master Fund Ltd.

Arrowgrass — owed $31 million on Trico’s 3 percent debentures —...
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