Corporate World
Maynilad Water Services, Inc. has paid P2.41 billion to creditors
last week in line with its court-approved rehabilitation plan, a move
that signals the start of the exit of the Lopezes from the water firm.
Helena Calo, Maynilad external counsel, said the water utility gave
creditors an up-front payment of $30.6 million for the dollar component
and P100 million for the peso component of the loans.
The company also paid interest amounting to $7.19 million for the dollar component and P202.98 million for the peso loans, she said. "In compliance with the debt and capital restructuring agreement approved by the court and confirmed by all creditors to be effective on July 20, 2005, Maynilad remitted payments Total remittance amounted to P2.41 billion."
She said all the restructured debts will be paid in full by 2013.
Sources said Maynilad paid the P2.41 billion from internal funds.
The water concessionaire implemented a tariff increase in January. This, sources said, allowed the firm to generate P1 billion in profits in the first half.
Lopez-led Benpres Holdings Corp. is yet to come out with official figures for the first half.
Maynilad’s rehabilitation plan provides the company would pay debts up-front to foreign and local banks totaling P10 billion.
Based on the repayment scheme, the next payment of $26 million will be made next year. The remainder of the debts will be paid over seven to eight years.
Besides being required to repay creditors, Maynilad is also required to pay concession fees to the Metropolitan Waterworks and Sewerage System (MWSS), amounting to P8 billion. Last January, MWSS drew on a $120-million performance bond, reducing Maynilad’s debts to the water regulator.
Also provided for in the rehabilitation plan is the capital restructuring of the utility.
Benpres owns 60% of Maynilad, while French partner, Ondeo, owns 40%.
Benpres representatives in the company are required to resign "in order to enable [the water firm] to promptly carry out the capital restructuring."
Benpres will also need to surrender to MWSS or its designated assignee the irrevocable proxy to vote all the shares of stock of Benpres in the firm.
Further, Benpres is also required to surrender its shares in Maynilad to the rehabilitation receiver for "safekeeping" until the shares need to be surrendered to Maynilad.
The MWSS will take over May-nilad from Benpres on an interim basis. MWSS would manage the west zone concessionaire until it finds a private investor to take the place of Benpres.
Two consortia are interested in Maynilad -- one led by DMCI Holdings, Inc. and includes Australia’s Macquarie and Japan’s Marubeni as well as two other unidentified foreign financial institutions. Another consortium is led by Manila Water Co., Inc. and reportedly includes Ayala Corp., and ING, among others.
Meanwhile, another Lopez unit ABS-CBN Broadcasting Corp. said it had not received any offer from Philippine Long Distance Telephone Co. or any other party with regards to buying a stake in the media firm or any of its units.
Meanwhile, another Lopez unit ABS-CBN Broadcasting Corp. said it had not received any offer from Philippine Long Distance Telephone Co. or any other party with regards to buying a stake in the media firm or any of its units.
The company also paid interest amounting to $7.19 million for the dollar component and P202.98 million for the peso loans, she said. "In compliance with the debt and capital restructuring agreement approved by the court and confirmed by all creditors to be effective on July 20, 2005, Maynilad remitted payments Total remittance amounted to P2.41 billion."
She said all the restructured debts will be paid in full by 2013.
Sources said Maynilad paid the P2.41 billion from internal funds.
The water concessionaire implemented a tariff increase in January. This, sources said, allowed the firm to generate P1 billion in profits in the first half.
Lopez-led Benpres Holdings Corp. is yet to come out with official figures for the first half.
Maynilad’s rehabilitation plan provides the company would pay debts up-front to foreign and local banks totaling P10 billion.
Based on the repayment scheme, the next payment of $26 million will be made next year. The remainder of the debts will be paid over seven to eight years.
Besides being required to repay creditors, Maynilad is also required to pay concession fees to the Metropolitan Waterworks and Sewerage System (MWSS), amounting to P8 billion. Last January, MWSS drew on a $120-million performance bond, reducing Maynilad’s debts to the water regulator.
Also provided for in the rehabilitation plan is the capital restructuring of the utility.
Benpres owns 60% of Maynilad, while French partner, Ondeo, owns 40%.
Benpres representatives in the company are required to resign "in order to enable [the water firm] to promptly carry out the capital restructuring."
Benpres will also need to surrender to MWSS or its designated assignee the irrevocable proxy to vote all the shares of stock of Benpres in the firm.
Further, Benpres is also required to surrender its shares in Maynilad to the rehabilitation receiver for "safekeeping" until the shares need to be surrendered to Maynilad.
The MWSS will take over May-nilad from Benpres on an interim basis. MWSS would manage the west zone concessionaire until it finds a private investor to take the place of Benpres.
Two consortia are interested in Maynilad -- one led by DMCI Holdings, Inc. and includes Australia’s Macquarie and Japan’s Marubeni as well as two other unidentified foreign financial institutions. Another consortium is led by Manila Water Co., Inc. and reportedly includes Ayala Corp., and ING, among others.
Meanwhile, another Lopez unit ABS-CBN Broadcasting Corp. said it had not received any offer from Philippine Long Distance Telephone Co. or any other party with regards to buying a stake in the media firm or any of its units.
Meanwhile, another Lopez unit ABS-CBN Broadcasting Corp. said it had not received any offer from Philippine Long Distance Telephone Co. or any other party with regards to buying a stake in the media firm or any of its units.
No comments:
Post a Comment