(Jamaica Gleaner) – Trinidad Cement Limited (TCL) is weighing options on the repayment of TT$2 billion owed to lenders and has ousted long-time Chief Executive Officer Dr Rollin Bertrand, who was initially suspended for a month by the new board during which time Alejandro Ramirez, a director, was installed as acting boss.
TCL said in a market filing that Bertrand was terminated by a letter dated September 22 following a review of his performance.
Bertrand has served the company for at least two decades, having run subsidiary Arawak Cement Limited from 1994 to 1998. No permanent replacement for group CEO has yet been named.
The TCL board also said on Tuesday that it has put a hold on all payments under the debt deal struck with large creditors two years ago, when the cement maker found itself unable to cope with TT$1.7 billion of short-term debt on which it had defaulted.
Anthony Haynes, general manager of Jamaican subsidiary Caribbean Cement Company Limited, said on Wednesday that the decision taken at Claxton Bay this week “could mean another restructuring” of the Rockfort, Kingston-based, company’s debt.
The full implications for the Rockfort operations won’t be known until the group restructuring programme by TCL begins to take shape, he said.
