69
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
15. Payables and accruals
2012
2011
$
$
Sundry payables and accruals
354,060
285,806
Interest and other finance charges
1,779
231,840
Trade payables
180,146
184,399
Statutory obligations – Jamaica Subsidiary
7,795
7,790
Taxation payable
1,221
4,967
545,001
714,802
16. Borrowings
2012
2011
$
$
Maturity of borrowings:
One year
100,557
1,675,440
Two years
171,766
1,104
Three years
190,236
1,024
Four years
217,325
778
Five years and over
1,366,242
17
Gross borrowings
2,046,126
1,678,363
Current portion of total borrowings
(100,557)
(1,675,440)
Borrowings non-current portion
1,945,569
2,923
On 14 January, 2011, TCL declared a moratorium on debt service payments and thereafter debt service payments falling
due were not paid by TCL. Past agreements covering loans in the amount of $1.673 billion as at 31 December, 2012 were
therefore in default and were classified within current liabilities.
As a consequence of the restructuring of the Group’s debt, an Override Agreement and Intercreditor Agreements were
executed between the company and its Lenders, which synchronised debt service payments and among other conditions
established the maintenance of financial ratio covenants. The individual loan agreements continue to be in force to the
extent not varied by the Override Agreement and Intercreditor Agreements. Interest and principal will be paid quarterly
from March 2013 through to December 2018 with the last principal payment being 43% of the restructured debt of
$2.027 billion. Under the Override Agreement, there are cross guarantee undertakings and pledging of Group company
assets to secure the restructured debt.
Type of borrowings:
2012
2011
$
$
Bonds
983,903
783,043
Term loans
574,981
481,735
Other bank loans
484,900
408,300
Finance lease obligations
2,342
5,285
2,046,126
1,678,363
Currency denomination of borrowings
US dollar
746,188
627,636
Local currencies
1,299,938
1,050,727
2,046,126
1,678,363
