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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.