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Philrealty may exit from rehab next year

Monday, August 11, 2008 [ manilatimes.net ]

PHILIPPINE Realty and Holdings Corp. (PhilRealty) said it may be out of rehabilitation by next year, in time for the completion of the company’s condominium project in New Manila, Quezon City.

Amador Bacani, PhilRealty president, said the firm’s flagship residential project, Andrea North Skyline Tower, would be completed by 2009, after more than a decade of delay due to the Asian financial crisis.

Bacani said the completion of the 2.8-hectare condominium project will spur the company’s exit from rehabilitation. The project would need roughly P900 million to complete, he said.

The developer of the Philippine Stock Exchange’s headquarters in Pasig City earlier said funds for the project may be raised through a P350-million loan with a local bank.

Aside from borrowings, the company is also eyeing P300 million in cash from sales of Icon in the Fort Bonifacio Global City area and the sale of shares in A. Brown and Co.

Bacani said the company is considering the option of converting up to half of its P600-million debt into equity to gain “flexibility” in terms of reducing its liabilities. This, however, has to be negotiated with its creditors, including Metropolitan Bank and Trust Co., Bank of the Philippine Islands and Land Bank of the Philippines.

If the creditors agree, the P300-billion debt would be equivalent to up to 6 percent of the company’s current 4.8 billion outstanding and subscribed capital stock, Bacani said. -- Chino S. Leyco

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