Trico Marine Services Inc. (TRMA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Trico Marine Services Inc. has a market cap of $7.62 million; its shares were traded at around $0.39 with and P/S ratio of 0.01. Trico Marine Services Inc. had an annual average earning growth of 20.7% over the past 10 years.
In addition, we believe it is highly unlikely that we will remain in compliance in future periods with covenants requiring us to achieve financial thresholds, including an EBITDA threshold in the $25 million U.S. credit facility agreement (the U.S. Credit Facility), the 11 7/8% senior secured notes due 2014 (the Senior Secured Notes) issued by Trico Shipping AS (Trico Shipping) and Trico Shippings working capital facility (the Trico Shipping Working Capital Facility) and a liquidity threshold in Senior Secured Notes and the Trico Shipping Working Capital Facility. In particular, we expect that we may not be in compliance with financial covenants requiring us to achieve EBITDA targets measured over the trailing twelve months as specified in the U.S. Credit Facility, Senior Secured Notes and Trico Shipping Working Capital Facility. If we fail to maintain compliance with these covenants under the various indentures and forbearance agreements, our creditors may take certain actions, including declaring the outstanding principal of the applicable debt to be due and payable immediately. In addition, our results of operations may limit Trico Shippings ability to access additional funds under the Trico Shipping Working Capital Facility. In our current circumstances, if such indebtedness were accelerated, we would be unable to satisfy our obligations under the 8.125% Debentures, the 3% Debentures, the Senior Secured Notes, the 6.11% notes due 2014 (the 6.11% Notes), the U.S. Credit Facility or the Trico Shipping Working Capital Facility. In an effort to avoid the acceleration of such indebtedness, we have entered into (i) a forbearance agreement with holders of the 8.125% Debentures, (ii) a First Supplemental Indenture with respect to the Senior Secured Notes, (iii) an amendment to the Trico Shipping Working Capital Facility and (iv) an amendment to the U.S. Credit Facility. For additional information, see Notes 5 and 18.
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Trico Marine Services Inc. has a market cap of $7.62 million; its shares were traded at around $0.39 with and P/S ratio of 0.01. Trico Marine Services Inc. had an annual average earning growth of 20.7% over the past 10 years.
Highlight of Business Operations:
We did not make the approximately $8 million interest payment due on May 15, 2010 for the 8.125% secured convertible debentures due 2013 (the 8.125% Debentures) prior to the expiration of the applicable 30-day grace period, the approximately $10.1 million principal payment due on August 1, 2010 for the 8.125% Debentures (for which there is no grace period) and the approximately $2.3 million interest payment due on July 15, 2010 for the 3% senior convertible debentures due 2027 (the 3% Debentures). As a result, events of default have occurred under the 8.125% Debentures and the 3% Debentures. As described in the accompanying notes to our condensed consolidated financial statements and below, we have entered into a forbearance agreement with the holders of 51% of the outstanding principal amount of the 8.125% Debentures.In addition, we believe it is highly unlikely that we will remain in compliance in future periods with covenants requiring us to achieve financial thresholds, including an EBITDA threshold in the $25 million U.S. credit facility agreement (the U.S. Credit Facility), the 11 7/8% senior secured notes due 2014 (the Senior Secured Notes) issued by Trico Shipping AS (Trico Shipping) and Trico Shippings working capital facility (the Trico Shipping Working Capital Facility) and a liquidity threshold in Senior Secured Notes and the Trico Shipping Working Capital Facility. In particular, we expect that we may not be in compliance with financial covenants requiring us to achieve EBITDA targets measured over the trailing twelve months as specified in the U.S. Credit Facility, Senior Secured Notes and Trico Shipping Working Capital Facility. If we fail to maintain compliance with these covenants under the various indentures and forbearance agreements, our creditors may take certain actions, including declaring the outstanding principal of the applicable debt to be due and payable immediately. In addition, our results of operations may limit Trico Shippings ability to access additional funds under the Trico Shipping Working Capital Facility. In our current circumstances, if such indebtedness were accelerated, we would be unable to satisfy our obligations under the 8.125% Debentures, the 3% Debentures, the Senior Secured Notes, the 6.11% notes due 2014 (the 6.11% Notes), the U.S. Credit Facility or the Trico Shipping Working Capital Facility. In an effort to avoid the acceleration of such indebtedness, we have entered into (i) a forbearance agreement with holders of the 8.125% Debentures, (ii) a First Supplemental Indenture with respect to the Senior Secured Notes, (iii) an amendment to the Trico Shipping Working Capital Facility and (iv) an amendment to the U.S. Credit Facility. For additional information, see Notes 5 and 18.
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