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LONDON (Alliance News) - Trinity Exploration & Production PLC said Monday a court in Trinidad & Tobago has approved its restructuring plans.
Trinity, which has oil and gas assets in Trinidad and South Africa, has been working to restructure its financial position throughout the year and has proposed a deal to raise funds, reorganise its share capital, and halve its total liabilities.
The company's Trinidad & Tobago creditors had approved the restructuring in December, and court approval means the plan can now be implemented.
As part of the plan, Trinity Exploration has applied for 187.6 million new shares, which it placed in a GBP9.3 million fundraise in December, to be admitted to trading on AIM on Wednesday.
Trinity shares have been suspended on AIM since July 13, pending clarification of its financial position.
By Adam Clark; adamclark@alliancenews.com
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