The operator, which suspended its shares a month ago, said nine subsidiaries have filed notices of intention (NOI) to make a proposal to creditors under Trinidad’s Bankruptcy and Insolvency Act (BIA) Chapter 9:70.
“The BIA allows a company to continue operating while it submits its proposal to reach a settlement with its outstanding creditors," Trinity said on Wednesday.
“The filing of the NOIs provides the subsidiaries with a stay of proceedings from all of their creditors and means that no person may terminate or amend an agreement or claim an accelerated payment under any agreement with any subsidiary by reason only that such subsidiary is insolvent or that a notice of intention or proposal has been filed."
Trinity
