Trinity Subsidiaries File for Bankruptcy
Trinidad and Tobago-focused energy company Trinity Exploration & Production plc announced Wednesday that a number of its wholly-owned subsidiaries have filed notices of intention to make a proposal to creditors under the Trinidad and Tobago Bankruptcy and Insolvency Act Chapter 9:70 (BIA).
The subsidiaries involved include Trinity Exploration and Production (Trinidad and Tobago) Limited, Galeota Oilfield Services Limited, Trinity Exploration and Production (Galeota) Limited, Tabaquite Exploration & Production Company Limited, Trinity Exploration and Production (GOP) Limited, Trinity Exploration and Production (GOP-1B) Limited, Oilbelt Services Limited, Trinity Exploration and Production Services Limited and Ligo Ven Resources Limited.
The BIA allows a company to continue operating while it submits its proposal to reach a settlement with its outstanding creditors. The filing of the NOIs provides the subsidiaries with a stay of proceedings from all of their creditors and means that no person may terminate or amend an agreement or claim an accelerated payment under any agreement with any subsidiary by reason only that such subsidiary is insolvent or that a notice of intention or proposal has been filed.
Trinity believes that the subsidiaries making a proposal to creditors and benefiting from the stay on proceedings provides the most efficient and orderly route to concluding its restructuring negotiations with potential funders and securing a refinancing to the benefit of all stakeholders.
“The company continues to pursue a wider financial restructuring solution and will issue further announcements as appropriate,” said a Trinity spokesperson in a company statement.
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