Trico Files Ch. 11 Plan After Deal With Bondholders

Law360, New York (May 20, 2011, 2:40 PM EDT) -- Norway-based marine services concern DeepOcean Group Holding AS rose from the wreckage of Trico Marine Services Inc.'s bankruptcy Thursday, as the company filed a Chapter 11 plan following a deal with bondholders that keeps Trico's nondebtor companies in business.

Judge Brendan L. Shannon approved a deal in February that saw noteholders owed $400 million in high-yield debt take control of former Trico Marine Services affiliates Trico Supply AS, Trico Shipping AS, DeepOcean AS and CTC Marine Projects Ltd., which never filed for Chapter 11.

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