NEW YORK, Jan. 26, 2006 (PRIMEZONE) -- On January 21, 2005, the United States Bankruptcy Court for the Southern District of New York, approved the plan of reorganization of Trico Marine Services, Inc. ((Nasdaq:TRMA)(stock), TRMAW (warrants), TRMAZ (warrants)) and related companies ("Trico"). The bankruptcy case number is 04-17985-smb, and was pending before Chief Bankruptcy Judge Stuart M. Bernstein. The plan of reorganization became effective on or about March 15, 2005, at which time Trico emerged from bankruptcy.
In July 2005, a proceeding was commenced by Steven Salsberg and Gloria Salsberg, who are owners of Trico warrants, pursuant to section 1144 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York seeking the revocation of the approved plan of reorganization of Trico. This proceeding has been assigned Adversary Proceeding No. 05-02313-smb. A copy of the complaint, and other related court filings, is available at www.nysb.uscourts.gov or by contacting the undersigned.
Trico moved to dismiss the Complaint and by order dated January 6, 2006, the Court granted that motion but gave Plaintiffs leave to amend their complaint to assert claims that did not seek the revocation. The Court has since permitted Plaintiffs and Defendants to file additional papers on the Trico motion after which it will review its decision granting the motion, although it did not vacate its January 6 order, which is being held in abeyance by the Court. Plaintiffs have filed additional papers and Defendants' response is due on February 6, 2006.
For further information, please contact Steven Salsberg, who is appearing pro se in the proceeding, or Joseph P. Garland, who is representing Gloria Salsberg in the proceeding.