Makati City Bakuna

Roxas & Co. restructures P2.6-b debt

Roxas and Co. Inc., the listed holding company of the Roxas Group, said it restructured P2.6 billion worth of debt from three creditor banks.

RCI said in a disclosure to the stock exchange the creditor banks agreed to grant the company an additional three-year grace period in the repayment of debt.

These banks are Bank of the Philippine Islands (P1.6 billion), Robinsons Bank (P759.4 million) and Asia United Bank (P188.5 million).

“The restructuring plan reflects the creditors’ confidence in RCI and the viability of its operations. It provides RCI sufficient period to generate additional cash flows to significantly reduce debt through operational excellence, the sale of non-core assets, divestment from minority investments, and equity raise from the reissuance of its treasury shares,” the company said.

RCI is primarily engaged in real estate and sugar business. Its hospitality businesses include hotel operations of the Anya Resort in Tagaytay and its four Go Hotels in Metro Manila.

It also operates a coconut processing facility in South Cotabato that produces export-quality coconut cream, virgin coconut oil and coconut water concentrate.

RCI has been selling some of its assets to repay debt. It agreed in January to sell two properties in Batangas for P282 million.

Based on the agreement, RCI will sell the 6.67-hectare beachfront Natipuan property in Nasugbu, Batangas to Sta. Lucia Land Inc.

It also sold a 12.9-hectare eco-tourism property along the Tagaytay-Nasugbu Highway while wholly-owned subsidiary Roxaco Land Corp. sold a 2.8-hectare commercial property within the Nasugbu town property to the SM Group forP98 million.

RCI’s total liabilities amounted to P4.76 billion as of end-June.

RCI registered a net loss of P367.8 million in the first half.



Topics: RCI , Roxas , debt , restructuring
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA