Benguet Corp., a publicly listed mining company, announced Wednesday that it has executed a mutual rescission agreement with its remaining creditors, including Wilshire Business Consulting Corp. and Armstrong Capital Holdings Corp., as well as the Philippine Veterans Bank as trustee.
The new agreement ends the debt restructuring agreement from December 20, 1993, along with related mortgage documents.
The original syndicated loans, totaling over P1.4 billion, were restructured in 1993, and the company has since settled a significant portion. With this new agreement, Benguet Corp. closes its loan obligations and releases its real estate assets from mortgage after 30 years.
The remaining creditors have opted to engage directly with Benguet Corp., enabling them to leverage the debts for investment purposes. This strategic decision is expected to provide the company with greater flexibility as it focuses on growth opportunities in the mining sector.
