Trico Ch. 11 Plan Skirts $27M Claim, Tennenbaum Says

Law360, New York (July 11, 2011, 3:53 PM EDT) -- Private equity firm Tennenbaum Capital Partners LLC attacked Trico Marine Services Inc.'s proposed reorganization plan Thursday in Delaware bankruptcy court, saying the plan shortchanged its $27 million unsecured claim.

The former Trico debtor-in-possession lender argued that the plan improperly placed its claim in a class with an estimated recovery of 5.54 percent even though it belonged in a class with an estimated recovery of 10.73 percent, according to court filings.

The debtors have teased out Tennenbaum's claims from the higher recovery class not only to reduce...
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