Torch Offshore – Up in Flames

It’s been a bad start to the year for Torch Offshore, Inc. (NASDAQ: TORC), the company established in 1978 to work on shallow water offshore pipeline installation and subsea construction for the oil and natural gas industry. In late December 2004, Torch announced that three of its vessels, the Midnight Express, Midnight Wrangler and Midnight Eagle, had been arrested by U.S. Marshals on behalf of creditors GE Capital, which declared an event of default and invoked a default interest rate of 18%.

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