Trinity still in talks over formal sale process
- Business & Finance
Trinity Exploration and Production, an oil and gas explorer with assets in Trinidad and Tobago, is still in talks over a possible sale of the company and its assets.
The company said it was in detailed stage discussions with “a number of interested parties” in relation to the formal sales process, and “these discussions have continued to make further progress.”
To remind, after numerous extensions to the $13 million debt payment deadline, Citibank has refused to provide further extension, making the debt due and payable. Citibank has then put restricted access on Trinity’s Citibank accounts making the company unable to fund its working capital position in a timely manner as it actively pursues a wider restructuring solution.
In a statement issued on Thursday, Trinity said: “The Board still believes that the opportunities available represent the best approach for Trinity and its stakeholders, but Trinity shareholders are advised that, whilst the Board is encouraged with progress made to date, there can be no certainty that any offer or other transaction will result from these discussions or as to the terms on which any offer or other transaction may be made. In addition, any financial solution will need to involve all stakeholders.”
As reported on Wednesday, Trinity’s shares are suspended from trading pending clarification of its financial position and until Citibank advises the company on how they would like to proceed.
Offshore Energy Today Staff