EX-99.2 3 h81233exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re Trico Marine Services, Inc. et al.
         
    Case No. (Jointly Administered)   10-12653-BLS
    Reporting Period:   February 28, 2011
         
    Federal Tax I.D. #   72-1252405
         
CORPORATE MONTHLY OPERATING REPORT
File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case.
                         
            Document     Explanation  
REQUIRED DOCUMENTS   Form No.     Attached     Attached  
Schedule of Cash Receipts
   MOR-1a     x          
Schedule of Disbursements
   MOR-1b     x          
Bank Account Information
   MOR-1c     x          
Copies of bank statements (See Notes to the MOR)
                     x  
Cash disbursements journals (See Notes to the MOR)
                     x  
Statement of Operations (Income Statement)
   MOR-2     x          
Balance Sheet
   MOR-3     x          
Status of Post-petition Taxes
   MOR-4     x          
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)
                     x  
Copies of tax returns filed during reporting period (See Notes to the MOR)
                     x  
Summary of Unpaid Post-petition Debts (See Notes to the MOR)
   MOR-4             x  
Listing of Aged Accounts Payable (See Notes to the MOR)
                     x  
Accounts Receivable Reconciliation and Aging (See Notes to the MOR)
   MOR-5             x  
Taxes Reconciliation and Aging (See MOR-7)
   MOR-5             x  
Payments to Insiders and Professional
   MOR-6     x          
Post Petition Secured Notes Adequate Protection Payments
   MOR-6     x          
Debtor Questionnaire
   MOR-7     x          
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
     
/s/ John R. Castellano
  April 5, 2011
     
Signature of Authorized Individual*
  Date
 
    
John R. Castellano
    
     
Printed Name of Authorized Individual
    
 
    
Chief Restructuring Officer
    
     
Title
    
 
*   Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 

MOR NOTES
In re Trico Marine Services, Inc. et al.
    Case No. (Jointly Administered)   10-12653-BLS
    Reporting Period:   February 28, 2011
         
    Federal Tax I.D. #   72-1252405
         
Notes to the Monthly Operating Report
GENERAL:
The report includes activity from the following Debtors and related Case Numbers:
     
Debtor   Case Number
Trico Marine Services, Inc.
  10-12653-BLS
Trico Marine Assets, Inc.
  10-12648-BLS
Trico Marine Operators, Inc.
  10-12649-BLS
Trico Holdco, LLC
  10-12652-BLS
Trico Marine Cayman, LP
  10-12651-BLS
Trico Marine International, Inc.
  10-12650-BLS

On August 25, 2010 (the “Commencement Date”), Trico Marine Services, Inc. (the “Company”) and certain of its subsidiaries (the “Debtor Subsidiaries”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (as amended, the “Bankruptcy Code”), in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
The financial statements contained in this Monthly Operating Report (“MOR”) include, for each of the Debtor Subsidiaries, the balance sheet as of February 28, 2011 and the statement of operations for the period from February 1, 2011 through February 28, 2011. These financial statements are unaudited, were not prepared in conformity with generally accepted accounting principles (“U.S. GAAP”) and are subject to future adjustment. The Debtor Subsidiary financial statements are not intended to be prepared in conformity with U.S. GAAP because they do not include all of the information and footnote disclosures required by U.S. GAAP for complete financial statements. Additionally, they do not contain all adjustments of a normal recurring nature necessary for a fair presentation of the financial statements for the period presented. For example, as presented in these financial statements, intercompany balances have not been eliminated and investments in subsidiaries reflect the amounts recorded by each Debtor Subsidiary and are not accounted for under the equity method of accounting. The information contained in this MOR (i) is provided to fulfill the reporting requirements set forth by the Office of the United States Trustee, (ii) has not been audited or reviewed by independent registered public accountants and (iii) is limited to the time period indicated.
The Company’s financial statements have been prepared in accordance with the Accounting Standards Codification (“ASC”) Topic 852, Reorganizations (“Topic 852”). Topic 852 does not change the application of U.S. GAAP in the preparation of the Company’s financial statements. However, for periods including and subsequent to the filing of a chapter 11 petition, Topic 852 does require that the financial statements distinguish transactions and events that are directly associated with the reorganization from those that are associated with the ongoing operations of the business. In accordance with Topic 852 the Company has:
•   Separated liabilities that are subject to compromise from liabilities that are not subject to compromise; and
 
•   Distinguished transactions and events that are directly associated with the reorganization from those that are associated with the ongoing operations of the business.
 
Notes to MOR-1a:
Cash receipts related to intercompany transfers among the Debtor entities are not included in this schedule.
Cash receipts are shown on a book cash basis.

 

MOR NOTES
In re Trico Marine Services, Inc. et al.
    Case No. (Jointly Administered)   10-12653-BLS
    Reporting Period:   February 28, 2011
         
    Federal Tax I.D. #   72-1252405
         
Notes to the Monthly Operating Report
In February the Debtors received approximately $11.5MM in proceeds from the asset sales of the Buffalo, Hondo, Spirit and Truckee vessels.
Notes to MOR-1b:
All cash disbursements exclude intercompany transfers among the Debtor entities. Included in this schedule are certain disbursements by Debtor entities made on behalf of other Debtor entities.
This exhibit does not include cash call payments to Non-Debtor affiliates in Brazil, Mexico and West Africa that have been authorized by the Cash Management Order.
Notes to MOR-1c:
All amounts listed are the book balances as of the end of the month.
At the direction of the Office of the U.S. Trustee, copies of the bank statements and cash disbursement journals were not included with the MOR.
Approximately $2.3MM of the cash listed on this exhibit is reserved for the professional fee carve-out.
This exhibit includes $230k in deposits related to the Roe and Oak vessels.
The cash in the Hondo and Spirit Sale Account are escrowed funds and appear in the Other Assets — Miscellaneous section of the balance sheet.
Notes to MOR-2:
The Income Statement reflects revenue and expenses that directly correspond to the listed Debtor legal entity.
The Debtors have a credit balance in this period for general and administrative expense due to a true-up of amounts billed to OpCo for corporate overhead and the reciept of franchise tax refunds.
Notes to MOR-3:
The Balance Sheet reflects assets, liabilities, and equity that directly correspond to the Debtor legal entity.
Notes to MOR-4:
Trico Marine Services, Inc. and its Debtor affiliates received authority pursuant to a first-day order for the payment of pre-petition taxes. The tax walkforward will reflect both pre-petition and post-petition taxes.
Trico Marine Services, Inc. and its Debtor affiliates file tax returns and make tax payments periodically. Due to the volume of transactions, the tax returns and related payments will be made available on request.
Trico Marine Services, Inc. and its Debtor affiliates are current on all postpetition tax payments due other than disputes that arise in the ordinary course of business transactions.
Trico Marine Services, Inc. and its Debtor affiliates are current on all post-petition payments other than disputes that arise in the ordinary course of business transactions. Agings are available upon request.

 

MOR NOTES
In re Trico Marine Services, Inc. et al.
    Case No. (Jointly Administered)   10-12653-BLS
    Reporting Period:   February 28, 2011
         
    Federal Tax I.D. #   72-1252405
         
Notes to the Monthly Operating Report
In February upon review amounts previously classified as withholding taxes were in fact VAT taxes and reclassified accordingly.
Notes to MOR-5:
The Company earns and recognizes revenues primarily from the time and bareboat chartering of vessels to customers based upon daily rates of hire and by providing other subsea services. A time charter is a lease arrangement under which the Company provides a vessel to a customer and the Company is responsible for all crewing, insurance and other operating expenses. In a bareboat charter, the Company provides only the vessel to the customer, and the customer assumes responsibility to provide for all of the vessel’s operating expenses and generally assumes all risk of operation. Vessel charters may range from several days to several years. Other vessel income is generally related to billings for fuel, bunks, meals and other services provided to customers.
Accounts receivable represent outstanding balances due from revenues earned form the time and bareboat chartering of vessels to customers based upon daily rates of hire and by providing other subsea and trenching services.
Notes to MOR-6:
Payments to insiders exclude intercompany transfers between Debtor entities.
This insider section of exhibit does not include cash call payments to Non-Debtor affiliates in Brazil, Mexico and West Africa that have been authorized by the Cash Management Order.

 

MOR-1a
In re Trico Marine Services, Inc. et al.
    Case No. (Jointly Administered)   10-12653-BLS
    Reporting Period:   February 28, 2011
         
    Federal Tax I.D. #   72-1252405
         
Schedule of Cash Receipts
(000’s)

TIME PERIOD:
Period from 2/1/2011 to 2/28/2011
(see Notes to the MOR related to MOR-1a)
                 
Debtor   Case Number   Cash Receipts
Trico Marine Services, Inc.
   10-12653-BLS     $ 0  
Trico Marine Assets, Inc.
   10-12648-BLS     $ 0  
Trico Marine Operators, Inc.
   10-12649-BLS     $ 13,273  
Trico Holdco, LLC
   10-12652-BLS     $ 0  
Trico Marine Cayman, LP
   10-12651-BLS     $ 0  
Trico Marine International, Inc.
   10-12650-BLS     $ 0  
Total Cash Receipts
           $ 13,273  

 

MOR-1b
                 
In re Trico Marine Services, Inc. et al.
                
 
   Case No. (Jointly Administered)   10-12653-BLS
 
   Reporting Period:   February 28, 2011
 
                
 
   Federal Tax I.D. #       72-1252405
Schedule of Disbursements
(000’s)

TIME PERIOD:
2/1/2011 — 2/28/2011
             
Debtor   Case Number   Disbursements
Trico Marine Services, Inc.
   10-12653-BLS   $ 0  
Trico Marine Assets, Inc.
   10-12648-BLS   $ 0  
Trico Marine Operators, Inc.
   10-12649-BLS   $ 1,302  
Trico Holdco, LLC
   10-12652-BLS   $ 0  
Trico Marine Cayman, LP
   10-12651-BLS   $ 0  
Trico Marine International, Inc.
   10-12650-BLS   $ 0  
Total Disbursements
       $ 1,302  

 

 

MOR-1c
         
In re Trico Marine Services, Inc. et al.
        
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
        
 
  Federal Tax I.D. #   72-1252405
Bank Account Information
(000’s)
                 
Legal Entity   Bank   Bank Account   Book Balance
Trico Marine Services, Inc.
   Union Bank   Account Related to U.S. Credit Facility   $ 0  
Trico Marine Services, Inc.
   Nordea   Account Related to 3% Bonds   $ 0  
Trico Marine Assets, Inc.
   Nordea   Bareboat Fees   $ 0  
Trico Marine Operators, Inc.
   Nordea   Investment   $ 3,804  
Trico Marine Operators, Inc.
   Nordea   Reserve CC   $ 0  
Trico Marine Operators, Inc.
   Nordea   Lockbox   $ 0  
Trico Marine Operators, Inc.
   Nordea   Disbursements   $ (85 )
Trico Marine Operators, Inc.
   Nordea   General (Operating)   $ 0  
Trico Marine Cayman, LP
   Nordea   Holding   $ 26  
Trico Marine Operators, Inc.
   Nordea   Trinidad and Tobago Account   $ 25  
Trico Marine Operators, Inc.
   Nordea   DIP Escrow Account   $ 230  
Trico Marine Operators, Inc.
   Nordea   Retained Professional Account   $ 0  
Trico Marine Operators, Inc.
   Wilmington Trust   Hondo and Spirit Sale Account   $ 310  
 
           $ 4,309  

 

 

MOR-2
         
In re Trico Marine Services, Inc. et al.
        
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
        
 
  Federal Tax I.D. #   72-1252405
UNAUDITED
Statement of Operations (Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
                                                 
    Trico Marine   Trico Marine   Trico Marine   Trico Holdco,   Trico Marine   Trico Marine
    Services, Inc.   Assets, Inc.   Operators, Inc.   LLC   Cayman, LP   International,
     
    10-12653-BLS   10-12648-BLS   10-12649-BLS   10-12652-BLS   10-12651-BLS   10-12650-BLS
CHARTER HIRE — TOWING & SUPPLY
   $ 0     $ 0     $ 654,474     $ 0     $ 0     $ 0  
CHARTER HIRE — SUBSEA
   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
OTHER VESSEL INCOME
   $ 0     $ 0     $ 17,000     $ 0     $ 0     $ 0  
INTERCOMPANY REVENUE
   $ 0     $ 102,619     $ 280,000     $ 0     $ 0     $ 0  
 
                                                
TOTAL REVENUE
   $ 0     $ 102,619     $ 951,474     $ 0     $ 0     $ 0  
     
 
                                                
DIR OPER EXP — LABOR & PAYROLL
   $ 0     $ 0     $ (27,836 )   $ 0     $ 0     $ 0  
DIR OPER EXP — SUPPLIES
   $ 0     $ 0     $ (32,646 )   $ 0     $ 0     $ 0  
DIR OPER EXP — MAINT & REPAIR
   $ 0     $ 0     $ 84,851     $ 0     $ 0     $ 0  
DIR OPER EXP — M & C
   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
DIR OPER EXP — INSURANCE
   $ 0     $ 0     $ 147,147     $ 0     $ 0     $ 0  
DIR OPER EXP — LEASE
   $ 0     $ 0     $ 16,341     $ 0     $ 0     $ 0  
DIR OPER EXP — OTHER
   $ 0     $ 0     $ 4,707     $ 0     $ 0     $ 0  
DIR OPER EXP — OTHER INTERCOMPANY
   $ 0     $ 0     $ 1,037,406     $ 0     $ 0     $ 0  
BROKERAGE & MGMT FEES — INTERCOMPANY
   $ 0     $ 0     $ 130,512     $ 0     $ 0     $ 0  
GENERAL & ADMIN EXPENSE
   $ 95,095     $ 2,894     $ (442,969 )   $ 0     $ 75     $ 198  
(GAIN) LOSS ON SALE OF ASSETS
   $ 0     $ (478,131 )   $ 0     $ 0     $ 0     $ (5,377,675 )
DEPRECIATION AND AMORTIZATION
   $ 0     $ 128,843     $ 176,138     $ 0     $ 0     $ 46,900  
 
                                                
TOTAL OPERATING EXPENSES
   $ 95,095     $ (346,395 )   $ 1,093,652     $ 0     $ 75     $ (5,330,578 )
     
 
                                                
OPERATING INCOME (LOSS)
   $ (95,095 )   $ 449,014     $ (142,178 )   $ 0     $ (75 )   $ 5,330,578  
 
                                                
INTEREST INCOME — INTERCOMPANY
   $ (625,325 )   $ (10,114 )   $ (438,085 )   $ 0     $ (87,047 )   $ 0  
INTEREST EXPENSE
   $ 122,861     $ 0     $ 0     $ 0     $ 0     $ 445,023  
FOREIGN EXCHANGE (GAIN) LOSS
   $ 0     $ 0     $ 3,281     $ 0     $ 0     $ 0  
RESTRUCTURING COSTS
   $ 0     $ 0     $ 1,687,249     $ 0     $ 0     $ 0  
OTHER (INCOME)/ EXPENSE, NET
   $ 0     $ 0     $ (45,197 )   $ 0     $ 0     $ 0  
AMORT OF DEFERRED FINANCING EXPENSE
   $ 116,667     $ 0     $ 0     $ 0     $ 0     $ (2,295 )
 
                                                
INCOME(LOSS) BEFORE INCOME TAXES AND EXTRAORDINARY ITEM
   $ 290,703     $ 459,128     $ (1,349,427 )   $ 0     $ 86,972     $ 4,887,850  
 
                                                
INCOME TAX EXPENSE (BENEFIT)
   $ 0     $ 0     $ 29,580     $ 0     $ 0     $ 0  
 
                                                
     
NET INCOME (LOSS)
   $ 290,703     $ 459,128     $ (1,379,007 )   $ 0     $ 86,972     $ 4,887,850  
     

 

 

MOR-3
In re Trico Marine Services, Inc. et al.
         
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:
  		  February 28, 2011
 
  Federal Tax I.D. #   72-1252405
UNAUDITED
Balance Sheet
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations.
                                                 
            Trico Marine                           Trico Marine
    Trico Marine   Assets,   Trico Marine   Trico Holdco,   Trico Marine   International,
    Services, Inc.   Inc.   Operators, Inc.   LLC   Cayman, LP   Inc.
    10-12653-BLS   10-12648-BLS   10-12649-BLS   10-12652-BLS   10-12651-BLS   10-12650-BLS
     
CASH & CASH EQUIVALENTS
   $ 0     $ 0     $ 3,973,535     $ 0     $ 25,617     $ 0  
RESTRICTED CASH
   $ 0     $ 0     $ 21,740     $ 0     $ 0     $ 0  
ACCOUNTS RECEIVABLE, TRADE
   $ 0     $ 0     $ 4,559,910     $ 0     $ 0     $ 0  
ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS
   $ 0     $ 0     $ (128,368 )   $ 0     $ 0     $ 0  
ACCOUNTS RECEIVABLE, OTHER
   $ 489,113     $ 0     $ 552,338     $ 0     $ 0     $ 0  
ACCOUNTS RECEIVABLE, INTERCOMPANY
   $ 18,525,469     $ 0     $ (249,199,927 )   $ 0     $ 2,268,589     $ 0  
OTHER CURRENT ASSETS, INTERCOMPANY
   $ 325,858,536     $ 1,588,715     $ 168,528,209     $ 0     $ 0     $ 0  
PREPAID EXPENSES & OTHER CURRENT ASSETS
   $ 1,582,550     $ 1,178,025     $ 2,720,831     $ 0     $ 0     $ 41,688  
 
                                                
TOTAL CURRENT ASSETS
   $ 346,455,667     $ 2,766,740     $ (68,971,732 )   $ 0     $ 2,294,205     $ 41,688  
 
                                                
PROPERTY & EQUIPMENT AT COST:
                                                
VESSELS
   $ 0     $ 16,061,674     $ 820,688     $ 0     $ 0     $ 0  
TRANSPORTATION & OTHER
   $ 0     $ 0     $ 5,656,660     $ 0     $ 0     $ 0  
CONSTRUCTION IN PROGRESS
   $ 0     $ 0     $ 4,119,428     $ 0     $ 0     $ 0  
 
                                                
LESS ACCUMULATED DEPR & AMORT
   $ 0     $ (8,599,933 )   $ (4,450,191 )   $ 0     $ 0     $ 0  
 
                                                
NET PROPERTY & EQUIPMENT
   $ 0     $ 7,461,741     $ 6,146,585     $ 0     $ 0     $ 0  
 
                                                
RESTRICTED CASH-NONCURRENT
   $ 0     $ 0     $ (290,850 )   $ 0     $ 0     $ 0  
OTHER ASSETS — MISCELLANEOUS
   $ 3,497,238     $ 0     $ 3,189,308     $ 0     $ 0     $ 0  
OTHER ASSETS — INVESTMENTS
   $ 45,956,607     $ (2,156,982 )   $ 319,094     $ 0     $ 77,372,310     $ 0  
OTHER ASSETS — INTERCOMPANY
   $ 0     $ 6,568,170     $ 0     $ 0     $ 33,486,076     $ 0  
TOTAL OTHER ASSETS
   $ 49,453,845     $ 4,411,188     $ 3,217,552     $ 0     $ 110,858,386     $ 0  
 
                                                
TOTAL ASSETS
   $ 395,909,512     $ 14,639,669     $ (59,607,594 )   $ 0     $ 113,152,592     $ 41,688  
     
 
                                                
LIABILITIES & STOCKHOLDERS’ EQUITY
                                                
 
                                                
CURRENT LIABILITIES
                                                
SHORT-TERM AND CURRENT MATURITIES OF DEBT
   $ 100,001     $ 0     $ 0     $ 0     $ 0     $ 4,952  
ACCOUNTS PAYABLE
   $ 0     $ 0     $ 5,872,580     $ 0     $ 0     $ 0  
ACCOUNTS PAYABLE, INTERCOMPANY
   $ (216,021,327 )   $ (95,572,452 )   $ 8,017,822     $ 0     $ 55,603     $ 11,823,667  
ACCRUED EXPENSES
   $ 378,286     $ 1,273,884     $ 3,044,350     $ 0     $ 0     $ 7,505  
ACCRUED INSURANCE RESERVE
   $ 0     $ 0     $ 3,431,734     $ 0     $ 0     $ 0  
ACCRUED INTEREST
   $ 1,837,843     $ 0     $ 0     $ 0     $ 0     $ (22,398 )
INCOME TAXES PAYABLE
   $ (146,499 )   $ 0     $ 0     $ 0     $ 0     $ 0  
OTHER CURRENT LIABILITIES
   $ (1 )   $ 0     $ 0     $ 0     $ 0     $ 0  
 
                                                
TOTAL CURRENT LIABILITIES
   $ (213,851,697 )   $ (94,298,568 )   $ 20,366,486     $ 0     $ 55,603     $ 11,813,726  
 
                                                
LIABILITIES SUBJECT TO COMPROMISE
   $ 368,267,150     $ 0     $ 5,670,654     $ 0     $ 0     $ 0  
 
                                                
FOREIGN TAXES PAYABLE, NON-CURRENT
   $ 0     $ (0 )   $ 0     $ 0     $ 0     $ 0  
OTHER NON CURRENT LIABILITIES
   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
 
                                                
TOTAL LIABILITIES
   $ 154,415,453     $ (94,298,569 )   $ 26,037,140     $ 0     $ 55,603     $ 11,813,726  
     
 
                                                
STOCKHOLDERS’ EQUITY
                                                
COMMON STOCK
   $ 2,540,482     $ 1     $ 50,000     $ 0     $ 0     $ 100  
ADDITIONAL PAID IN CAPITAL
   $ 296,992,636     $ 115,435,629     $ 0     $ 0     $ 109,401,521     $ 3,033,900  
RETAINED EARNINGS (DEFICIT)
   $ (88,079,261 )   $ (6,497,392 )   $ (85,694,734 )   $ 0     $ 3,695,467     $ (14,806,037 )
PHANTOM STOCK
   $ 47,642,566     $ 0     $ 0     $ 0     $ 0     $ 0  
TREASURY STOCK
   $ (17,602,365 )   $ 0     $ 0     $ 0     $ 0     $ 0  
 
                                                
TOTAL STOCKHOLDERS’ EQUITY
   $ 241,494,059     $ 108,938,238     $ (85,644,734 )   $ 0     $ 113,096,988     $ (11,772,037 )
     
 
                                                
     
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
   $ 395,909,512     $ 14,639,669     $ (59,607,594 )   $ 0     $ 113,152,592     $ 41,688  
     

 

 

MOR-4
In re Trico Marine Services, Inc. et al.
         
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
 
Federal Tax I.D. # 		  72-1252405
Status of Post-petition Taxes
                                 
                     
    Beginning   Amount           Ending
    Tax   Withheld or   Amount   Tax
Trico Marine Services, Inc. and its related debtor legal entities   Liability   Accrued   Paid   Liability
 
Income Taxes
   $ 635,612     $ 0     $ 0     $ 635,612  
Other Taxes
   $ (223,459 )   $ (1,415 )   $ 0     $ (224,874 )
VAT Taxes
   $ (2,461,396 )   $ (3,230 )   $ 0     $ (2,464,626 )
Withholding Taxes
   $ 0     $ (156,436 )   $ 156,436     $ 0  
Franchise Taxes
   $ (511,396 )   $ (13,401 )   $ 0     $ (524,797 )
 
                                
     
Total Taxes
   $ (2,560,640 )   $ (174,482 )   $ 156,436     $ (2,578,686 )

 

 

MOR-6
         
In re Trico Marine Services, Inc. et al.
        
 
        
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
        
 
  Federal Tax I.D. #   72-1252405
Payments to Insiders and Professional
Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1b) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary
Insiders
                 
Name   Amount Paid During Month     Total Paid to Date  
Angeron, Artie
   $ 11,167     $ 74,159  
Bachmann, Richard
   $ 98,000     $ 412,442  
Burke, Kenneth
   $ 0     $ 37,500  
Cenkus, Brett
   $ 30,851     $ 153,664  
Favret, Jeffrey
   $ 29,333     $ 131,174  
Hoover, Ray
   $ 8,069     $ 36,566  
Hutcheson, Edward
   $ 0     $ 35,000  
Jones, Geoffrey
   $ 15,395     $ 179,007  
Morrell, Stephen L
   $ 32,353     $ 147,543  
Staehr, Per
   $ 0     $ 29,265  
Salazar, Tomas
   $ 0     $ 97,536  
Scoggins, Myles
   $ 0     $ 36,287  
Wallace, David
   $ 43,000     $ 205,748  
 
            
Total Payments to Insiders
   $ 268,168     $ 1,575,889  
 
            
Professionals
                 
Name   Amount Paid During Month     Total Paid to Date  
Epiq Bankrupty Solutions, LLC
   $ 51,070     $ 116,307  
AP Services, LLC
   $ 0     $ 830,970  
Tennenbaum Capital Partners, LLC
   $ 0     $ 766,828  
White & Case LLP
   $ 0     $ 42,123  
Fox Rothschild LLP
   $ 0     $ 4,975  
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard
   $ 9,775     $ 45,762  
Pachulski Stang Ziehl & Jones LLP
   $ 0     $ 81,642  
Chanin Capital Partners
   $ 27,899     $ 221,996  
Kasowitz Benson Torres & Friedman, LLP
   $ 107,273     $ 769,545  
Ernst & Young LLP and Young
   $ 0     $ 147,540  
Cahill Gordon & Reindel LLP
   $ 114,020     $ 436,531  
Evercore Group, LLC
   $ 0     $ 573,430  
Vinson & Elkins LLP
   $ 0     $ 1,065,459  
Morris, Nichols, Arsht & Tunnell
   $ 0     $ 356,630  
 
            
Total Payments to Professionals
   $ 310,037     $ 5,459,738  
 
            
Post Petition Secured Notes Adequate Protection Payments as well as DIP Interest Payments
         
Name of Creditor   Amount Paid During Month  
TENNENBAUM CAPITAL PARTNERS
     398,652.78  
TENNENBAUM CAPITAL PARTNERS — PRINCIPAL
     7,400,000.00  
BANK OF NEW YORK
     693,500.00  
BANK OF NEW YORK — PRINCIPAL
     4,400,000.00  
 
      
Total Payments
   $ 12,892,153  
 
      

 

 

MOR-7
         
In re Trico Marine Services, Inc. et al.
        
 
        
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
        
 
  Federal Tax I.D. #   72-1252405
Debtor Questionnaire
             
    Must be completed each month. If the answer to any of the   Yes   No
    questions is “Yes”, provide a detailed explanation of each item.        
    Attach additional sheets if necessary.        
1
  Have any assets been sold or transferred outside the normal course of business this reporting period?   X    
 
            
2
  Have any funds been disbursed from any account other than a debtor in possession account this reporting period?       X
 
            
3
  Is the Debtor delinquent in the timely filing of any post-petition tax returns?       X
 
            
4
  Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?       X
 
            
5
  Is the Debtor delinquent in paying any insurance premium payment?       X
 
            
6
  Have any payments been made on pre-petition liabilities this reporting period?   X    
 
            
7
  Are any post-petition receivables (accounts, notes or loans) due from related parties?   X    
 
            
8
  Are any post-petition payroll taxes past due?       X
 
            
9
  Are any post-petition State or Federal income taxes past due?       X
 
            
10
  Are any post-petition real estate taxes past due?       X
 
            
11
  Are any other post-petition taxes past due?       X
 
            
12
  Have any pre-petition taxes been paid during this reporting period?       X
 
            
13
  Are any amounts owed to post-petition creditors delinquent?       X
 
            
14
  Are any wage payments past due?       X
 
            
15
  Have any post-petition loans been received by the Debtor from any party?       X
 
            
16
  Is the Debtor delinquent in paying any U.S. Trustee fees?       X
 
            
17
  Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?       X
 
            
18
  Have the owners or shareholders received any compensation outside of the normal course of business?       X
 
1   The Debtors have sold vessels in accordance with a court orders.
 
6   The Debtors have satisfied prepetition debt during this period.
 
7   Pursuant to the Cash Management Order the Debtors periodically settle receivables with Non-Debtor affiliates in Brazil, West Africa and Mexico.

 

 

         
In re Trico Marine Services, Inc. et al.
        
 
        
 
  Case No. (Jointly Administered)   10-12653-BLS
 
  Reporting Period:   February 28, 2011
 
        
 
  Federal Tax I.D. #   72-1252405
If additional information is required for the current or any future Monthly Operating Reports, please send the request to:
Trico Marine Services, Inc.
ATTN: John Castellano
3200 Southwest Freeway, Suite 2950
Houston, Texas 77027