TCL places hold on all debt payments

Following a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.”

The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company.

“Subsequent to the meeting, the board of directors took a decision to place a hold on all payments under the existing restructured loan agreements and proposed a standstill,” read a notice TCL issued on 1 October to its stakeholders. TCL said a comprehensive restructuring plan will be submitted by 31 October 2014, which will include “actions to preserve” the ongoing operations of the company, and to ensure its overall long-term viability.

In the notice, TCL also advised that Dr Rollin Bertrand, who was TCL Group chief executive officer who had been suspended by the new board, has since been terminated. In yesterday’s notice, TCL said Bertrand was terminated as Group CEO following a review of his performance by the board of directors. This decision was taken when the board met on 18 September, and was communicated in a September 22 letter addressed to Bertrand and delivered to him on 23 September.