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| TTI > SEC Filings for TTI > Form 8-K on 14-Oct-2009 | All Recent SEC Filings |
14-Oct-2009
Other Events, Financial Statements and Exhibits
On October 14, 2009, TETRA Technologies, Inc. (the "Company") issued a press release announcing the settlement of essentially all of its claims in the lawsuit filed in Montgomery County, Texas, entitled Maritech Resources, Inc. v. Certain Underwriters and Insurance Companies at Lloyd's, London subscribing to Policy no. GA011150U, Neuman, Martin and Buchan, and Steege Kingston, in which the Company sought damages for breach of contract and various related claims and a declaration of the extent of coverage of an endorsement to the policy. Under the terms of the settlement, the Company's subsidiary, Maritech Resources, Inc. ("Maritech"), will receive approximately $40 million in cash against claims related to damages incurred as a result of Hurricanes Katrina and Rita in 2005. The payment is expected to be received within the next 30 days, which will bring Maritech's total insurance recovery related to 2005 Hurricanes Katrina and Rita to approximately $136 million. The Company expects that there will be a positive income effect from the settlement; however, the timing of such income recognition has not yet been determined.
The press release issued by the Company on October 14, 2009 with respect to the settlement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Section 8.01 by reference.
(d) Exhibits.
Exhibit Number Description
99.1 Press Release, dated October 14, 2009, issued by
TETRA Technologies, Inc.
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