Despite winding up attempts by seven Nigerian banks to which it is indebted, the management of RT Briscoe (Nigeria) Plc has expressed optimism through the Nigerian Stock Exchange (NSE) that the debt would be restructured.
A statement to investors, signed by Seyi Onajide, the company’s managing director and chief executive, assured “that discussions are ongoing with the seven banks to which company is indebted, for a restructuring of our credit facilities.”
This, he hinted, is despite the fact that one of the banks recently advertised notice of the winding up petition in a daily newspaper brought against RT Briscoe in June 2016.
“We wish to assure our stakeholders and the general public that we are hopeful of restructuring our credit facilities with our bankers and settling our debts in the course of time,” Onajide stressed further.
The banks had last year besieged various banks seeking to wind up the company over debts ranging from N1.5bn to N2.5bn.
For example, Justice Ibrahim Buba of the Federal High Court, Lagos, in July last year, granted an interim injunction in favour of Diamond Bank, barring RT Briscoe Nigeria from accessing its funds in various deposit money banks in the country, over an alleged N2.5bn.
UBA also demanding that RT Briscoe liquidates a N1.8bn debt, filing an application to join the winding up petition.