New beginnings

New beginnings

When Petrotrin halted its oil refinery operations in October at Pointe-a-Pierre, Trinidad & Tobago, many analysts cheered the decision. The money-losing facility has long been a drag on the state-owned company, whose losses have amounted to $1 billion over the last five years. But while the closing may have ended a disappointing chapter for Petrotrin, it left investors in limbo. It’s not certain that the company can refinance its existing long-term debt, which stands at $912.5 million, or 4% of the country’s nominal GDP, according to Moody’s. What’s more, bond investors wonder how it will pay upcoming maturities. The yield on $850 million in debt due August 2019 tops 12%. Petrotrin’s res

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