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Trinity Exploration Gets Another Debt Repayment Extension

Thu, 16th Jul 2015 06:50

LONDON (Alliance News) - Trinity Exploration and Production PLC Thursday said it has received a further extension for the repayment of its USD13 million loan from Citibank.

The company has been given numerous previous extensions, the last of which expired on Wednesday. The new extension has been granted until July 31.

Citibank has provided the extensions whilst Trinity tries to monetise assets and re-position the business through a formal sales process. In April, the company launched a strategic review which could lead to the potential sale of the company, a merger or the sale of the company's existing assets.

"Progress continues with the strategic review and formal sales process and as part of this Trinity retains a regular dialogue with its lender and creditors," said Trinity on Thursday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance