13th Jul 2016 08:39
LONDON (Alliance News) - Trinity Exploration & Production PLC shares were suspended on Wednesday after it failed to secure a 39th extension to the moratorium on debt repayments to lender Citibank.
Trinity said despite its "positive attempts" to secure a wider restructuring of its debt, it was unable to agree suitable terms with Citibank, meaning the moratorium on repayments is no longer in place. This means the USD13.0 million it owes to Citibank is now due and payable.
In addition, Trinity said Citibank has put restricted access on the company's accounts, making it unable to fund its working capital position as it works to agree a restructuring.
As a result of this, Trinity has requested a suspension of trading in its shares until its financial position is clarified. Trading in the shares will remain suspended until the company is advised by Citibank on how it would like to proceed or if a wider restructuring agreement is reached.
By Sam Unsted; [email protected]; @SamUAtAlliance
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