Trico Marine may file for bankruptcy protection

NEW YORK

Trico Marine Services Inc. said it may not be able to avoid filing for Chapter 11 bankruptcy protection despite expanding its credit agreements, according to a Securities and Exchange Commission filing Monday.

The oilfield services provider said it doesn't expect to be able to make an interest payment on convertible notes due Thursday.

The company said it had entered into a restated credit agreement with its lenders to expand its borrowing capacity to $25 million, but Trico expects it will need more amendments of waivers from its lenders to stay afloat this year.

"Without additional liquidity we expect to have little or no liquidity to operate our business," Trico said in the filing.

The company, based on The Woodlands, Texas, said if it can't make its convertible note payment by Thursday or is unable to meet other commitments, it "raises substantial doubt" about its ability to avoid a bankruptcy filing.

In morning trading, shares of Trico Marine slid 21 cents, or 29 percent, to 53 cents.