Business

Roxas & Co. gets 3-year grace period for P2.6B loan payments

Roxas & Co. Inc., a holding company which is focused on real estate development, has been given a three-year grace period by its creditor banks for the payment of debts amounting to P2.6 billion.

In a regulatory filing, RCI said the Bank of the Philippine Islands with loan exposure of P1.6 billion, Robinsons Bank (P759.4 million) and Asia United Bank (P188.5 million) have approved the repayment terms.

“The restructuring plan reflects the creditors’ confidence in RCI and the viability of its operations,” the company said.

RCI said the leeway gives it ample time to generate additional cash flows to significantly pare down debt through improved operations and the sale of non-core assets and minority investments.

RCI’s businesses include hotel operations of the Anya Resort in Tagaytay and its four Go Hotels in the National Capital Region.

The company also operates a coconut processing facility in South Cotabato that produces export quality coconut cream, virgin coconut oil, and coconut water concentrate.

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