Business Services Industry
ABS-CBN signs key debt swap with creditors.
Australasian Business Intelligence, September, 2002
Sep 05, 2002 (The Asian Wall Street Journal - ABIX via COMTEX)
ABS-CBN Broadcasting Corporation is the pre-eminent television broadcasting company in the Philippines. The company has come to an agreement with its creditors regarding its short-term debt. Most of the company's creditors have agreed to a deal whereby Php3bn of ABS-CBN Broadcasting Corporation's Php3.8bn worth of short-term loans will be exchanged for five-year notes. BNP Paribas SA and Standard Chartered Bank plc were the only two dissenters, preferring to call in their respective debts of $US3.6m and Php100m immediately.
Publication Date: 4 September 2002
ABS-CBN BROADCASTING CORPORATION:
BNP PARIBAS SA:
STANDARD CHARTERED BANK PLC
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