The Woodlands based oilfield services provider, Trico Marine, is considering filing for Chapter 11 bankruptcy.

Chapter 11 bankruptcy allows businesses to continue operations under the supervision and authority of a court while they reorganize their company.

Officials believe that Trico Marine will not be able to meet its interest payment on convertible notes due this Thursday.  The company recently expanded its credit agreements with lenders to $25 million, but expects it will nonetheless need more waivers from lenders in order to stay in business.

Trico officials stated, “Without any additional liquidity we expect to have little or no liquidity to operate our business”.

If you or someone you know is considering filing for bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson & Norman at 281-332-4800 to learn more about your rights.