May 04, 2016 8:57 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Trigeant Ltd.

Company Overview

Trigeant, Ltd., doing business as Trigeant Petroleum, Ltd., supplies fuel and asphalt products to the housing, transportation, and construction industries. It distributes its products through tank trucks, rail cars, barges, and ships. The company has a fleet of bulktainers and tanks for road and marine transportation. Trigeant, Ltd. was formerly known as Trifinery Petroleum Services, Ltd. It changed its name in 2000. The company was founded in 1985 and is based in Corpus Christi, Texas with additional offices in the Netherlands, and Romania. As of June 8, 2015, Trigeant Ltd. operates as a subsidiary of Gravity Midstream Corpus Christi, LLC.

6600 Up River Road

Corpus Christi, TX 78409-3034

United States

Founded in 1985

Phone:

361-289-6762

Fax:

361-289-1351

Key Executives for Trigeant Ltd.

Trigeant Ltd. does not have any Key Executives recorded.

Trigeant Ltd. Key Developments

Third Amended Reorganization Plan Approved for Trigeant Holdings, Ltd.

The US Bankruptcy Court approved the third amended plan of reorganization of Trigeant Holdings, Ltd. on May 5, 2015. The debtor has filed its third amended plan in the Court on April 30, 2015. As per the amended plan, administrative expense claims of $2.41 million, priority tax claims of $0.08 million and priority claims of $0.06 million, shall be paid in full in cash. DIP loan claims, statutory fees, and priority tax claims shall be paid in full in cash. Priority claims shall be paid in full in cash. Secured claim of BTB of $33.19 million shall receive 100% of their allowed amounts in cash with interest. Claim of PDVSA shall receive cash in the amount of the PDVSA initial distribution amount and cash in the amount of the PDVSA Excess Distribution Amount, with interest. Miscellaneous secured claims shall receive 100% of the allowed amount in cash. If the claim is disputed, then on the effective date the payment shall be made from disputed claims reserve with interest at the prime rate. General unsecured claims against Trigeant shall receive 100% of the allowed amount in cash. Other unsecured claims against Trigeant of $13.97 million and unsecured claim of BTB of $2.52 million shall receive 100% of their allowed amounts in cash with interest. Miscellaneous secured claims against Trigeant consists of secured claims including secured claim of Nueces County Tax Collector, secured claim of Texas Asphalt Refining Company, LLC and secured claim of miscellaneous holders of ad valorem taxes. General unsecured claims against Trigeant of $16.49 million and Claims against LLC and Holdings of $0.99 million shall be paid 100% of the allowed amount. Equity Interests in Holdings of $0.05 million shall be reinstated and will receive cash after payments to all the superior classes on pro rata basis. The plan shall be funded through sale proceeds and payment from disputed claims reserve.

Third Amended Reorganization Plan Filed by Trigeant Holdings, Ltd.

Trigeant Holdings, Ltd., along with its affiliates, filed a third amended joint plan of reorganization in the US Bankruptcy Court on April 30, 2015. As per the amended plan filed, secured claim of BTB of $33.19 million shall receive 100% of their allowed amounts in cash with interest. Claim of PDVSA shall receive cash in the amount of the PDVSA Initial Distribution Amount and cash in the amount of the PDVSA Excess Distribution Amount, with interest. Other unsecured claims against Trigeant of $13.97 million and unsecured claim of BTB of $2.52 million shall receive 100% of their allowed amounts in cash with interest. The treatment of the remaining classes will not change.

Second Amended Reorganization Plan and Disclosure Statement Filed by Trigeant Holdings, Ltd.

Trigeant Holdings, Ltd. filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 13, 2015. As per the amended plan filed, Administrative Expense Claims of $2.41 million, Priority Tax Claims of $0.08 million and Priority Claims of $0.06 million, shall be paid in full in cash. Disputed Secured Claim of BTB of $33.19 million and Claim of PDVSA of $40.73 million shall receive 100% of their allowed amounts in cash. Miscellaneous Secured Claims of $5.998 million shall receive in full in cash. Miscellaneous Secured Claims Against Trigeant consists of secured claims including Secured Claim of Nueces County Tax Collector, Secured Claim of Texas Asphalt Refining Company, LLC and Secured Claim of Miscellaneous Holders of Ad Valorem Taxes. General Unsecured Claims against Trigeant of $16.49 million and Claims Against LLC and Holdings of $0.99 million shall be paid 100% of the allowed amount. Equity Interests in Holdings of $0.05 million shall be reinstated and will receive cash after payments to all the superior classes on pro rata basis. The other claims and their treatment will remain same.

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