Petrotrin refinery shut down

[WarrLordd]

Cant change the minds of pnm supporters they accustom to hard life and will do anything long as is not a indian in power.

[gastly369]

This entire situation playing off so odd. I mean, if the issue before the industrial court, why rush to terminate people. It just gives of the impression like you've got something to hide.

Everyting in your post is the answer to it...

[SR]

I think owtu has nothing tangible to offer in defense of the workers at this point. Actions and efforts now are too late i do not think they expected goverment not to back down and now its grasping at not even straws....kamla has nothing to offer either she just playing politics with the same people who wanted her out of politics cuz they wasnt getting more money out of her government. Never burn your bridges as you never know when you may have to cross back over.

[Pointman-IA]

Cant change the minds of pnm supporters they accustom to hard life and will do anything long as is not a indian in power.

They haven't riot yet.

[SR]

Lets not forget this

[shake d livin wake d dead]

Saw this

[Joshie23]

Saw this

I really heard something about people having to collect letters over the weekend but apparently, it's true!! Lmaoo what's really going on here?? Someone, anyone..shed some light..this is 2NR..why all the haste all of a sudden?

[gastly369]

This entire situation playing off so odd. I mean, if the issue before the industrial court, why rush to terminate people. It just gives of the impression like you've got something to hide.

Everyting in your post is the answer to it...

@joshie23

[Mr President]

Trinidad Petroleum Holding Ltd to replace Petrotrin

“Cor­po­ra­tion sole is the own­er of the com­pa­ny. We will be form­ing a hold­ing com­pa­ny with four sub­sidiaries. We have al­ready found a name for the hold­ing com­pa­ny Trinidad Pe­tro­le­um Hold­ing Ltd,” Khan said.

The first sub­sidiary will in­volve the old Petrotrin which will deal with lega­cy items; the sec­ond will fo­cus on ex­plo­ration and pro­duc­tion; the third will han­dle ter­mi­nalling and mar­ket­ing, which will be tasked with the re­spon­si­bil­i­ty for im­port­ing re­fined prod­ucts and sell­ing it to the lo­cal mar­ket and the fourth sub­sidiary is where the re­fin­ery as­sets will be placed.

Khan said there was a dif­fer­ence be­tween shut­ting down and de­com­mis­sion­ing.

“We are just clos­ing down the op­er­a­tions. We are dein­ven­ter­is­ing the as­sets, which is tak­ing out all the saleable prod­ucts…safe­ing the plant large­ly with liq­uid ni­tro­gen so it could be moth­balled for pos­si­bly a short while and when a new busi­ness mod­el emerges, based on con­ver­sa­tions we will have with the mar­ket, then the re­fin­ery can be re-op­er­a­tionalised.”

Khan said he ex­pects rev­enue and cash to be “gen­er­at­ed, hope­ful­ly by the E&P arm of the com­pa­ny and mar­ket­ing should be suf­fi­cient based on the mod­els we have on to ser­vice the debts of Petrotrin.”
http://www.guardian.co.tt/news/trinidad ... 1c3e91db74

[cadence]

It is a fact that employees since yesterday have been collecting letters of dismissal. It is continuing up until this time and would go into tomorrow being Sunday. Expect the communication to decrease as this is now serious business and Petrotrin workers are now dealing with their affairs.

[Joshie23]

It is a fact that employees since yesterday have been collecting letters of dismissal. It is continuing up until this time and would go into tomorrow being Sunday. Expect the communication to decrease as this is now serious business and Petrotrin workers are now dealing with their affairs.

This has been serious business for some time now. In spite of the disrespect to and the vilification of the employees by the Prime Minister of this country, the lies-either blatant or by omission and all the negativity surrounding the situation, if you are directly affected or indirectly affected, there are tuners that stand by you. While 'solidarity' won't pay mortgages, tuition, buy groceries etc, and we all knew that Petrotrin needed fixing for some time, it's appalling, the way it was handled and the extreme manner of execution. Especially with the secrecy, deception and recent haste of the GoRTT.

[Pointman-IA]

It is a fact that employees since yesterday have been collecting letters of dismissal. It is continuing up until this time and would go into tomorrow being Sunday. Expect the communication to decrease as this is now serious business and Petrotrin workers are now dealing with their affairs.

This has been serious business for some time now. In spite of the disrespect to and the vilification of the employees by the Prime Minister of this country, the lies-either blatant or by omission and all the negativity surrounding the situation, if you are directly affected or indirectly affected, there are tuners that stand by you. While 'solidarity' won't pay mortgages, tuition, buy groceries etc, and we all knew that Petrotrin needed fixing for some time, it's appalling, the way it was handled and the extreme manner of execution. Especially with the secrecy, deception and recent haste of the GoRTT.

When we live in a third world country, transparency is a serious issue.

[Joshie23]

It is a fact that employees since yesterday have been collecting letters of dismissal. It is continuing up until this time and would go into tomorrow being Sunday. Expect the communication to decrease as this is now serious business and Petrotrin workers are now dealing with their affairs.

This has been serious business for some time now. In spite of the disrespect to and the vilification of the employees by the Prime Minister of this country, the lies-either blatant or by omission and all the negativity surrounding the situation, if you are directly affected or indirectly affected, there are tuners that stand by you. While 'solidarity' won't pay mortgages, tuition, buy groceries etc, and we all knew that Petrotrin needed fixing for some time, it's appalling, the way it was handled and the extreme manner of execution. Especially with the secrecy, deception and recent haste of the GoRTT.

When we live in a third world country, transparency is a serious issue.

Agreed.

[hong kong phooey]

I think owtu has nothing tangible to offer in defense of the workers at this point. Actions and efforts now are too late i do not think they expected goverment not to back down and now its grasping at not even straws....kamla has nothing to offer either she just playing politics with the same people who wanted her out of politics cuz they wasnt getting more money out of her government. Never burn your bridges as you never know when you may have to cross back over.

Still want to know why the labour leader called a day of rest and reflection months in advance and it so happen to be the same time as the announcement .

loads of meetings to discuss who get the better room deal in sandals and slippers.

[Allergic2BunnyEars]

I think owtu has nothing tangible to offer in defense of the workers at this point. Actions and efforts now are too late i do not think they expected goverment not to back down and now its grasping at not even straws....kamla has nothing to offer either she just playing politics with the same people who wanted her out of politics cuz they wasnt getting more money out of her government. Never burn your bridges as you never know when you may have to cross back over.

Still want to know why the labour leader called a day of rest and reflection months in advance and it so happen to be the same time as the announcement .

Everyone seems to have forgotten about that.

[SR]

This is the strategic move pnm did to get the ball rolling to todays outcome

[Redman]

Expect any GORTT to prosecute a board that the same people appointed?

Really?

[neilsingh100]

This is interesting...Seems like JP Morgan, BlackRock and Prudential Financial know something that we are not aware of.

Since the Government’s announcement of its exit intention the Petrotrin 19s have experienced a decline in price from $99.7 (yielding 10.08%) to 93.00 (yielding 18.48%) as at September 17th 2018. This has attracted several of the largest holders of the bond to increase their holdings. JP Morgan, BlackRock and Prudential Financial, three of the four largest holders have all increased holdings with the fourth party not changing its position. This activity by major players in the global investment community acts as an indication that there is confidence in the market of the shareholder’s ability to repay the debt.

Source: https://firstlinesecurities.com/petrotr ... ne-review/

[Numb3r4]

Maybe they have more confidence in or they know the new management?

Could be a foreign entity or a particular local of some industrial fame or heritage, locally anyway?

[sMASH]

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

[j.o.e]

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

Pretty much. It’s just a better deal now as the price dropped. The debt will be paid one way or another. Good investment

[Redman]

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

Bonds not the equity.

But bonds come with covenents that at times give elements of control that can equate to an ownership type of control.

The bond holders would be able to enable a restructuring of the bond issue...or frustrate it.
They know that we cannot default without real problems...so they will prolly convert into a better quality bond while getting 14% to wait.

[neilsingh100]

@CNC3TV BREAKING: The OWTU's injunction to prevent the closure of Petrotrin has been granted in the industrial court.

Hmm.... I wonder if the Petrotrin board with would now go down the bankruptcy route to shut it down. They will run out of crude in a couple of days.

[K74T]

[K74T]

[gastly369]

[Duane 3NE 2NR]

So what happens to the ppl who collected termination letters today?

[vaiostation]

By petrotrin issuing those letters they were in contempt of court.

[shake d livin wake d dead]

[sMASH]

Contempt of court depends on which cane first, letter issuance or court ruling.

The letters issued, from my experience, if covered under the injunction, could just be ripped up, or the workers could accept it. If the workers not in the union, the company can bamboozle them into going along with the letters and taking the retrench.
If the worker is in the Union, they would counter the company propaganda.


The injunction is a temporary thing... Until the matter is decided.

So it could very well be part of an elaborate pappy show