Trinidad Cement loan payments on hold, to submit restructuring plan

By Caroline Salls

Pittsburgh, Oct. 6 – Trinidad Cement Ltd.’s board of directors placed a hold on all existing restructured loan agreement payments, and the company will submit a comprehensive restructuring plan by Oct. 31 to preserve ongoing operations and ensure the company’s overall long-term viability, according to a notice to stakeholders.

In August, the board said it would authorize a full review of the operational and financial condition of Trinidad and its subsidiaries. The board also suspended chief executive officer Rollin Bertrand from all committee and executive positions within the group.

PriceWaterhouseCoopers, which was commissioned by the board to conduct the financial assessment of the company, presented its initial findings at a meeting with lenders last week.

After that meeting, the board placed the hold on payments and proposed a standstill.

In addition, Bertrand was terminated following a review of his performance by the board.

Claxton Bay, Trinidad and Tobago-based Trinidad Cement produces cement and ready-mix products in the Caribbean.

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