Feb 2011 Financial News

Debt Restructuring Update – Appointment of an Independent Advisor to the Creditor Committee

Feb 23, 2011

Trinidad Cement Limited has advised the Stock Exchange that in reference to the debt restructuring currently being undertaken by the TCL Group, FTI Consulting Canada ULC, a Company with broad experience and expertise in debt restructuring, has been appointed as the Independent Advisor to the TCL Creditor Committee. The role of the Independent Advisor is, in the first instance, to assess the cash generating capability, operations and structure of the TCL Group and make appropriate recommendations to the Creditor Committee. Upon consideration and acceptance of the recommendations and, subject to the approval of the Committee, the Restructuring Phase will commence with the involvement of the Advisor. The Company has retained the services of BroadSpan Capital LLC as its Financial Advisor in the exercise.

In this regard, a team from FTI Consulting Canada ULC led by its Senior Managing Director, Mr Brock Edgar, is currently in Trinidad having commenced their assignment on Monday, February 21 2011. The estimated duration of this phase of the assignment is one month and it will involve visits to the Group’s main operating subsidiaries.

The debt restructuring is intended to improve the Group’s long term prospects and to provide for the full repayment of its indebtedness. It is expected to results in a stronger TCL Group.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday February 23, 2011