On 27 July, 2016, Trinity announced that it had agreed a new moratorium on principal repayments (the "Moratorium"), relating to Trinity's outstanding debt with its senior secured lender, Citibank, until 15 August 2016. In addition, the Company re-affirmed that it was continuing to pursue a wider financial restructuring solution.
The discussions in relation to the potential financial restructuring continue and so the Company had sought a further agreement with Citibank to extend the Moratorium beyond 15 August 2016 to enable the Company to try and negotiate and complete a wider financial restructuring. The Company received a proposal, late yesterday, from Citibank to extend the Moratorium; however, the Directors believed that they need to seek clarity on a number of issues outlined therein. As a result, the Moratorium has technically lapsed, but the Directors are confident that these issues can be resolved and that the proposed extension to the Moratorium can be agreed.
