Corporate Bankruptcies

more+
less-

In a statement made by oilfield services company Trico Marine Services, the company said that may need to file for bankruptcy due to poor second quarter results. As at June 30, Trico Marine had $32 million but certain EBITDA liquidity requirements might mean the company still needs to seek bankruptcy protection despite successful talks to restructure its debt position. It successfully readjusted its second quarter EBITDA from $7 million to $9 million but this is not likely to be sufficient for the company to meet its financial obligations. It had convertible notes payments that were due in June for which it had insufficient funds to pay.

In general, the company’s forecasted cash and available credit capacity are not expected to be sufficient to meet its other commitments as they come due over the next year. Trico Marine is at present negotiating with some of its lenders over the terms and conditions of debtor in possession loan commitments.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Tampa Bay Bankruptcy Center, P.A. | Attorney Advertising

Written by:

more+
less-

Tampa Bay Bankruptcy Center, P.A. on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×