RCI RENEGOTIATES P2.6B DEBT

Listed Roxas and Company, Inc. (RCI) has received the full support of its creditor banks which recently approved to grant up to three years additional grace period for the repayment of P2.6B of the group’s debts. 

RCI’s hospitality businesses include hotel operations of the Anya Resort in Tagaytay and its four Go Hotels in NCR. It also operates a coconut processing facility in South Cotabato that produces export quality coconut cream, virgin coconut oil, and coconut water concentrate.

Bank debts with recently approved repayment terms include Bank of the Philippine Islands (P1.6B), Robinsons Bank (P759.4M), and Asia United Bank (P188.5M).

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 Financial District would like to learn more from its audience. Can you please give us feedback on this article you just read. Click Here to participate in our online survey.