THE?TRIMART supermarket chain is back on track, now virtually free of debt, having disbursed more than $5 million in the form of cash and loan notes to more than 200 creditors.
On Friday, trustee for Trimart, Grenville Phillips, sent off, by registered mail, cash payments and the relevant loan note certificates for all creditors of Trimart who have proved their debt.
Phillips told the SUNDAY?SUN that this was in keeping with the strict provisions of the debtors proposal that was approved in the High Court on April 11, which followed a decision back in February by scores of creditors who voted in the affirmative for a proposal put forward by the supermarket that they take as little as 50 cents in every dollar.
New owners of the supermarket chain, ANSA?McAL, have promised to resurrect Trimart and return it to a position of prominence.
On a media tour of the chain’s flagship outlet at Mall Internationale in Haggatt Hall, St Michael, on Friday, chief executive officer of ANSA?McAL, David Inglefield, gave the assurance that Trimart was now in good hands with the large Trinidadian conglomerate having taken over.
“Our philosophy is that we want to be No. 1 or aspiring No. 2. We invest in businesses to succeed; we do not invest in businesses not to succeed. Failure is not in our vocabulary.
“The response of the suppliers, just knowing that it is ANSA?McAL that owns Trimart, has been excellent, which suggests that they don’t have financial issues with us.
“[ANSA?McAL’s] balance sheet is very strong, our operating models are very robust and even in an economic recession, we have managed to show year-on-year growth, and we have no doubt that the supermarket will enjoy that same support,”?Inglefield said following the reopening of the Haggatt Hall and Rendezvous supermarkets on Friday.
In accordance with the proving of the debt, which is a procedure required by the bankruptcy and insolvency act, the trustee sent forms to all creditors and also retained the services of two chartered accountants who are justices of the peace to help creditors fill out the forms.
Phillips said that over 200 creditors took advantage of that facility but there were still a number of them who were tardy in filing their claims. He added that if they failed to do so, he couldn’t pay them and once he closed his book on the assignment, they couldn’t subsequently make a claim from Trimart.
The trustee expects to close his book within the next 30 days and has urged delinquent creditors to complete their proof of claim by June 2.