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Trinidad Cement Ltd announce debt restructuring plan

World Cement,

Trinidad Cement Ltd has announced that it is to undertake a debt restructuring exercise to allow the Group’s operations to be funded from the lower income streams resulting from the severe effect of the current economic decline in all of its markets.

The company has established a Creditor Committee comprising large domestic and international institutional lenders representing 75% of the TCL Group’s total debt. An independent advisor will be hired to the committee to assess the cash generating capability, operations and structure of the TCL Group, as well as to discuss a revised business plan and to negotiate a restructuring of the company’s debt portfolio

TCL will present for approval the debt restructure plan to its lenders and investors.

It is expected that this exercise will continue until the debts are restructured, during which time the Group has declared a moratorium on debt service payments (both principal and interest) in order to preserve cash to sustain operations.

The debt restructure is intended to improve the Group’s long-term prospects and provide for the full repayment of its indebtedness.

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