Following yesterday’s favourable ruling in the Appeal Court, Dr Keith Rowley says once there are no legal ramifications in place Petrotrin will proceed with their restructuring plans.
In an interview on I95FM yesterday, Rowley could not say if termination letters were being handed out yesterday, but said his understanding of Wednesday’s outcome meant, “what had prevented them (Petrotrin) from proceeding is no longer in place and we are now in the position we were.”
Petrotrin, in fact, sent out notices to employees yesterday that the process would be restarted.
Despite this, the Prime Minister said Petrotrin was open to negotiating with the union.
“The company has taken a position with respect to restructuring, with certain specific actions to be taken to carry that out and if there is no legal impediment in the way, they will proceed. The door is still open to be talking, the union remains the union, that is the situation.”
He said the Government had pursued action in the best interest of the country.
“The best thing is to try to save some portion of the company, change the business model,” he said.
“What has been happening is the rest of the company has been reasonably profitable, but whatever they make is being consumed by the refinery.”
When asked about the OWTU’s proposal, the Prime Minister said the offer was assessed by Petrotrin’s board and found to be wanting
“The board has looked at what (the OWTU) put before them on the instruction of the Government, whatever they put before you consider it. It has been considered and found not to be logistically sound,” Rowley said.
However, the PM assured the restructuring would also address Petrotrin’s debts.
“If we are able to leave the debt with the new company and put the new company in a position to service the debt with the Government still behind it, then we can all survive. What we have to do when the time comes up in August is to be in a position to satisfy those bondholders.”