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Trinity Exploration Says Progress Made On Sales Process

Thu, 14th Jul 2016 08:45

LONDON (Alliance News) - Trinity Exploration & Production PLC on said it has continued to make progress on its sales process but warned any agreement would need approval from all stakeholders.

On Wednesday, Trinity requested the suspension of its shares after it failed to secure a 39th extension to the moratorium on debt repayments to lender Citibank.

Trinity said despite its "positive attempts" to secure a wider restructuring of its debt, it was unable to agree suitable terms with Citibank, meaning the moratorium on repayments is no longer in place. This means the USD13.0 million it owes to Citibank is now due and payable.

Trinity said talks with potential buyers of its assets have continued, and progress has been made, but said there is no certainty the talks will lead to an offer or on the terms any offer may be made at.

"In addition, any financial solution will need to involve all stakeholders," the company said.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance