Trinidad Petroleum Creditors Balk at Debt Exchange Proposal

• A committee of creditors holding Trinidad Petroleum Holdings bonds due in 2019 and 2022 said they do not support the company’s consent solicitation, and are seeking a deadline extension and modifications to the proposed debt exchange.
• The Committee of “large international investment institutions” said deadlines proposed by the company for creditors to accept exchange offer “are unreasonable and do not provide adequate time to evaluate the proposal,”.
• The Creditors are also “concerned about what appears to be a lack of inter-creditor equity” in the proposal and apparent subordination of new bonds offered by the company compared with certain other company liabilities.

 (Source: Bloomberg)