14th Dec 2015 09:47
LONDON (Alliance News) - Trinity Exploration & Production PLC on Monday said the moratorium on repaying its debt has been further extended.
The moratorium, which applies to repayment of principal in relation to its outstanding debt balance of USD13.0 million, has been extended to December 18 from December 11. It had been extended multiple times prior.
The company's lender is Citibank.
"Discussions are ongoing with the lender to secure a further extension of its credit facilities and management expect for there to be continued support, particularly following the announcement of the sale of substantially all of Trinity's onshore assets for USD20.8 million," the company said.
Shares in Trinity Exploration & Production were down 8.8% at 3.81 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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