Petrotrin refinery shut down

[Numb3r4]

^^ elaborate a bit there.. What I gather, price reduced a bit, but big players took advantage and acquired those shares?

For them it might a guaranteed thing, so they feel that their money is "safe". So why not invest a little more....at this rate maybe they figure the payout isn't far away.

Or maybe they've been told or given info about the prospective buyers....

[Allergic2BunnyEars]

Has tuner read the ruling of the industrial court on this matter?

[neilsingh100]

According to CNC3, Imbert called a press conference to say Petrotrin need a $1billion guarantee from the government or else it would not be able to pay its bills. Look like Imbert and Espinet willing to play hardball and might threaten to petition the high court to declare the company bankrupt which they could easily do by the government calling in the $3.5billion that is owed. I hope workers not following the union blindly since they could end up like ArcelorMittal workers if this happens.

[rebound]

Yup..that may very well be the next move. The Union should concede, they are not prepared for this level of battle.

[The_Honourable]

Is it possible for the Industrial Court to order a financial audit into Petrotrin?

[Pointman-IA]

Is it possible for the Industrial Court to order a financial audit into Petrotrin?

I don't think so.

What Petrotrin needs is a hairy godfather who is loaded with cash, can keep away politicians who want to use it as a sou sou hand and can deal with the work ethics.

[hydroep]

Is how Petrotrin's lawyers tried to use fear mongering to influence the court's decision by indicating that the proposed severance packages may be affected.

The Judge apparently told them that has nothing to do with the matter under consideration i.e. dais not my problem...

Sad thing is taxpayers will most likely have to foot the bill for this fiasco.

[sMASH]

Is it possible for the Industrial Court to order a financial audit into Petrotrin?

i was thinking they was pushing for the letters to be accepted to AVOID and audit.

but, an audit is time consuming. the issue that alwar... petrotrin will claim is that the decisions need to be made now, NOW, NAOWWW!!!

fraud should not be limited to if u are still employed with the place the fraud was committed

[Redman]

If the union has the offer that they supposed to have...now is a good time to publish it.

At least the competition has to come better

[vaiostation]

Petrotrin exploring all options, including bankruptcy, says Espinet

PETROTRIN chairman Wilfred Espinet said last night the injunction granted earlier yesterday by the Industrial Court may force the cash-strapped State-owned oil company to explore all options, including bankruptcy.

Asked if the possibility of an orderly bankruptcy proceeding was an option, Espinet said: “Petrotrin has chosen to go the route that we thought was the least disruptive. The board must seek to protect the interests of the company, at all costs, and therefore we must explore all options.”

Asked to clarify his statement about exploring all options, and specifically whether he meant the bankruptcy option, Espinet said: “If it prevents the company from being completely destroyed and despite how unpalatable it may be, protection through the courts must be looked at as an option in these circumstances.

https://www.google.tt/amp/s/www.trinida ... 3.amp.html

Hope is not a next Mital

[jhonnieblue]

Had a mind this would happen. Union so stupid now instead not workers get something, they will go home with next to nothing

[gastly369]

And few months ago the company showing profits..

[Redman]

The bullet payment is the problem I think.
Servicing is one thing.
Principal is 10-20 times that.

If the refinancing attempts came back with ...yes we happy to refinance...if you clean up....what then?

[sMASH]

petrotrin would still need a major overhaul. but at least, they could reduce the rate at which the persons are laid off.

probably implement a forensic audit to uncover any misappropriations and seek to recover.

[neilsingh100]

petrotrin would still need a major overhaul. but at least, they could reduce the rate at which the persons are laid off.

probably implement a forensic audit to uncover any misappropriations and seek to recover.

Most likely a condition to secure refinancing is to ensure union is no longer in the picture. In the US, GM had to go bankrupt for this to be achieved and looks like we are headed down the same road with Petrotrin. Espinet is a no nonsense person and will do what has to be done and one way or the other Petrotrin will be wound up.

[mitch1980]

And few months ago the company showing profits..

a good quarter of 83 million profit vs 22 bn in loss and liability
come on it is self explanatory
how to finance its liabilities....

[SR]

They gonna file bankruptcy watch and see that letter imbert claims to have received coincidentyl the same time of the court ruling is strategy....owtu wins in court....well here is the ace up my sleeve....we dont have the money to meet the outstsnding loan payments due in a week so..... but i wondering if they didnt win in court how was this debt going to be settled

[Ben_spanna]

Well its either you accept them closing down and nobody getting paid anything, or wait for eet…………………… ANSA can finance the debt , BUT at a cost , and that might very well be Petrotrip itself, however the major players will still get terminated and new staff hired, as for labor... well allyuh play d a55, vene could refine too eh!

[alfa]

petrotrin would still need a major overhaul. but at least, they could reduce the rate at which the persons are laid off.

probably implement a forensic audit to uncover any misappropriations and seek to recover.

Most likely a condition to secure refinancing is to ensure union is no longer in the picture. In the US, GM had to go bankrupt for this to be achieved and looks like we are headed down the same road with Petrotrin. Espinet is a no nonsense person and will do what has to be done and one way or the other Petrotrin will be wound up.

So that they could sell it to the one percent. Simple maths here. So it costing 2 billion to retrench all 5 thousand workers but they still have to hire 1 thousand for the new company. Why didn't they keep 1 thousand and save one fifth of the severance which is like 400 million? But no they sending home everyone and still have to rehire and all the while saying the company is broke. Espinet's explanation is that the current work force may not have the skill set required to work in the new company and I'm wondering if out of 5 thousand they couldn't get 1 thousand competent people. So according to Espintet there are 5 thousand dunces working Petrotrin I assume.
Another thing is Rowley initially said the refinery is 101 years old and non functional and as such will be decommissioned, then we're hearing that certain assets in good condition will be sold. And finally last week Espinet says that there's no plan to decommission the refinery and it will be kept in a preserved state for any potential buyer or investor in the future. However the union already lined up Honeywell to lease the entire thing for 20 years and pay off the bullet payment one shot but the govt still turned it down. And they still have to raise the bond payment as well as 2 billion to get rid of all workers. Ask yourself why. If Honeywell or anyone else buys it and it fails it's their loss not the taxpayers. Unless they already have a buyer? Last week Riley and his boys had meetings in the company saying they'll give out letters from yesterday (Monday), however during the mother of all marches they suddenly started calling in people for said letters even telling people to come in on the weekend when 90% of the company doesn't even work weekend. Their explanation being that during the meetings there was overwhelming response from workers. So I'm guessing workers were overwhelmingly wanting to get fired, steups. Does any of this make sense? It makes perfect sense if they have already promised the company to their financiers. What about the whole AV drilling scandal which has conveniently gone silent? Ramesh claiming Petrotrin's measuring devices are flawed and his client recorded 5 thousand barrels a day. What he didn't say was that they sold and pumped oil twice a week but the largest storage tank in cats hill holds just 10 thousand barrels. Continue believing this corrupt board and the minister of energy who only smiles whenever he's lying

[tr1ad]

Had a mind this would happen. Union so stupid now instead not workers get something, they will go home with next to nothing

union out of tactics.... they can't strong arm or hold anyone to ransom anymore... except the affected workers now...

all those that support them, marched etc I hope they understand if bankruptcy is declared now where their future lies.

[Mr President]

So it costing 2 billion to retrench all 5 thousand workers but they still have to hire 1 thousand for the new company. Why didn't they keep 1 thousand and save one fifth of the severance which is like 400 million? But no they sending home everyone and still have to rehire and all the while saying the company is broke. Espinet's explanation is that the current work force may not have the skill set required to work in the new company and I'm wondering if out of 5 thousand they couldn't get 1 thousand competent people. So according to Espintet there are 5 thousand dunces working Petrotrin I assume.

Unfortunately in these situations the standard practice would be to send home and rehire from scratch to prevent corruption, nepotism and further financial encumbrances that industrial relations matters incur.

Most likely a condition to secure refinancing is to ensure union is no longer in the picture. In the US, GM had to go bankrupt for this to be achieved and looks like we are headed down the same road with Petrotrin.

Name of the movie is GET OWTU

[sMASH]

the same party that corrupted petrotrin, is the same party restructuring, doing the firing and hiring..

look out for a&v drilling 2030.

they not going to go down the insolvency route, cause of that credit rating thing.

[gastly369]

2030? So far


How about 2018(no not a typo) matter fact before August.....

*Poolice roll up internet cuts....

[Allergic2BunnyEars]

http://callisto.guardian.co.tt/press-re ... n-chairman

[toyolink]

The situation with Petrotrin has really degenerated into a war between individuals who hold positions where in principle they should be seeking the well being of citizens.
Unfortunately the differences about how Petrotrin is to be transformed suggests serious polarization of positions and is fast becoming a battle of power.
Lost in all of this is a sincere concern for the well being of the 'ordinary-man'.
What would most likely evolve is a messy painful period with associated instabilities with no winners.
…...as the ole people would say 'we wont know whether we going or coming'.
In situations like these mediation trumps litigation.

[Redman]

They gonna file bankruptcy watch and see that letter imbert claims to have received coincidentyl the same time of the court ruling is strategy....owtu wins in court....well here is the ace up my sleeve....we dont have the money to meet the outstsnding loan payments due in a week so..... but i wondering if they didnt win in court how was this debt going to be settled

Petrotrin refurbish...$25B

Get rid of union ..$.2.7B

Justifying Petrotrin s instability by using a letter for Govt Garantee requested by lender as a result of the instability created by the Govt....PRICELESS.

[Allergic2BunnyEars]

Hema loves to interrupt...

[sinister_14]

Someone has some explaining to do....

[SR]

Who or what is formula 1 trading

[gastly369]

Someone has some explaining to do....

FB_IMG_1539131971370.jpeg

About time....