Benguet Corp. signed on Wednesday an amendment to its Mortgage Trust Indenture and Deed of Chattel Mortgage with the Philippine Veterans Bank which marks a significant shift in the listed mining company’s financial management, as it replaces Philippine National Bank with PVB as the successor trustee.
The original MTI was established on December 22, 1993, with PNB Trust Banking Group acting as trustee for the creditors, securing the mining company’s loan obligations under the 1993 Restructuring Agreement. The agreement was put in place to facilitate the restructuring of Benguet’s debt at that time.
In a recent development, the majority of the company’s remaining creditors, who collectively represent 82 percent of the total principal outstanding loans, opted for a change in trustee. Consequently, PVB has been appointed as the new trustee under the amended MTI.
This adjustment reflects Benguet’s ongoing efforts to enhance its financial stability and streamline its debt management processes. By transitioning to PVB, the company aims to improve its financial operations and ensure more effective oversight of its mortgage obligations.
The signing of the amendment underscores the commitment of Benguet to maintain a robust financial structure while navigating the evolving landscape of the mining sector.
