Trico Marine Services Case Study
Navigating the Restructuring Process in 31 days

Background
Trico Marine Services, Inc. (“Trico”) offers marine support services to the oil and gas industry, primarily in the Gulf of Mexico, the North Sea, Latin America, and West Africa.  Trico’s diversified fleet of vessels provide marine transportation of drilling materials, supplies and crews, and support for the construction, installation, maintenance and removal of offshore facilities. 

Due to increasingly difficult market conditions in the worldwide offshore supply industry, Trico and its two principal U.S. subsidiaries filed for Chapter 11 protection on December 21, 2004.  Trico and its professionals planned a pre-packaged bankruptcy based upon a consensual agreement with its major creditors and shareholders in an effort to simplify the bankruptcy process and maximize returns for Trico’s stakeholders.

Results
Trico selected KCC to facilitate and streamline the administration of its pre-packaged bankruptcy proceedings.  From the onset of the case, KCC worked with Trico’s legal professionals at Kirkland & Ellis to map out the case timeline.  Using its web-based technology and corporate restructuring expertise, KCC managed the myriad of complex administrative aspects of the proceedings, enabling Trico’s professionals to focus on the substantive aspects of this fast-moving case. 

Based on the professional team’s strategy and planning, the debtor was able to waive the requirement to file Schedules and Statement of Financial Affairs (SOFA), which resulted in significant time and cost savings to the debtors and their stakeholders. 

KCC met an aggressive deadline set out for the solicitation of votes of the Senior Note Holders based upon its client-focused teamwork and proprietary technology solutions.  KCC’s efficient and timely solicitation and tabulation services were instrumental to the speed and efficiency of the plan confirmation.  As a result of Kirkland & Ellis’ and KCC’s collaborative efforts, the final Plan of Reorganization was accepted by creditors and confirmed just 31 days after filing.  Trico successfully emerged from Chapter 11 bankruptcy on January 21, 2005.  The company eliminated more than $275 million in debt and accrued interest and decreased its annual interest expense by an estimated $22 million.  Just over one year after the confirmation of its Plan of Reorganization, Trico’s stock value increased by more than 40 percent.

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