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Trinity Exploration shares suspended amid debt uncertainty

Published: 09:11 13 Jul 2016 BST

Trader scratching head at failing investment
Trading is suspended on AIM

Trinidad oil firm Trinity Exploration & Production PLC (LON:TRIN) has had its shares suspended pending clarification of the group’s financial position.

Trinity has had leeway over a US$13mln debt from its lender Citibank, which has been extending a moratorium on the debt repayment, however, the parties are now unable to agree terms for a further extension.

As a result, Trinity says it is unable to fund its working capital position whilst it is pursuing a financial restructuring.

“The company's ordinary shares will remain suspended from trading on AIM until such time as Citibank advise the company on how they would like to proceed, as the senior secured creditor, or a wider restructuring solution can be agreed,” Trinity said in a stock market statement.

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