Bermuda-based Trenwick Group Ltd. announced that it is engaged in continuing discussions with holders of its senior debt securities.
Included in Trenwick’s consolidated indebtedness are $75 million principal amount of senior notes of Trenwick’s subsidiary, Trenwick America Corporation, which are due April 1, 2003. Trenwick’s current focus is to restructure these notes and it is engaged in discussions with the senior note holders with respect to such a restructuring.
The company said that its “agreements entered into in connection with the renewal of its letter of credit facility in December 2002, provide that Trenwick will replace, refinance or restructure the senior notes by March 1, 2003. The banks participating in Trenwick’s letter of credit facility have provided to Trenwick an interim waiver of this March 1, 2003 deadline as discussions with the senior note holders continue. “
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