Struggling Trinity (LSE:TRIN) has appealed for bankruptcy protection in Trinidad and Tobago as it works to attract investors, the London-listed explorer said yesterday.
Trinity, which is focused solely on exploration and production, both on and offshore, in Trinidad and Tobago, said the move would allow it to keep operating while it submits proposals to reach a settlement with its outstanding creditors.
The proposal covers nine of Trinity’s wholly-owned subsidiaries and prevents creditors from claiming an accelerated payment.
Trinity said invoking the clause under the Trinidad and Tobago Bankruptcy and Insolvency Act Chapter was the “most efficient and orderly route to concluding its restructuring negotiations with potential funders and securing a refinancing to the benefit of all stakeholders”.