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Manila Bulletin devider Business devider The Stock Market devider Benguet Corp. exits 30-year debt restructuring

Benguet Corp. exits 30-year debt restructuring

Published Oct 23, 2024 03:37 am

Benguet Corp., the mining company of the Romualdez family, reported that it has finally completed its P1.4 billion debt restructuring with 23 creditors after 30 years.

In a disclosure to the Philippine Stock Exchange, the firm said that, on October 22, 2024, it has executed with the remaining creditors of its outstanding loans a Mutual Rescission Agreement which terminates the Debt Restructuring Agreement dated December 20, 1993.

The rescission agreement was executed between Benguet Corp. and creditors Wilshire Business Consulting Corporation and Armstrong Capital Holdings Corporation, with Philippine Veterans Bank as Trustee.

Also terminated was the Mortgage Trust Indenture dated December 20, 1993, Real Estate Mortgage dated March 18, 1994 and Chattel Mortgage dated March 18, 1993. 

The syndicated loans from 23 creditor banks and financial institutions in the original principal amount of over P1.4 billion was restructured in 1993 and since then, Benguet Corp. has settled a substantial portion of the loans over the years. 

“The Mutual Rescission Agreement finally closes the chapter on the loan obligation of the Company and releases from mortgage its real estate assets after 30 years. 

“The remaining creditors have opted to transact directly with the Company including leveraging the debts for investment purposes,” Benguet Corp. said.

The firm has just secured another 25 years of permit from the Department of Environment and Natural Resources (DENR) to operate and conduct mining activities in Balanga, Bataan.

The DENR approved the renewal of the Mineral Production Sharing Agreement (MPSA) granted to Balanga Bataan Minerals Corp. and Benguet Corp. to continue mining drilling activities for another 25 years beginning March 31, 2025.

“This will allow the company to continue its drilling activities and other exploration works leading to the Declaration for Mining Project Feasibility (DMPF). The MPSA is located in Bataan province,” the firm said.

Established in 1903, Benguet Corp. is the country’s oldest mining company. Over its 120-year journey, it has evolved from its gold mining operations to a full mineral resource company with a diverse portfolio that includes chromite, copper, lime, and nickel.

In addition, it operates a gold mine in Benguet, nickel mines in Zambales, and a limestone processing facility in Baguio City.

It continues to expand its footprint in various mineral prospects through exploration all over the Philippines, including mining properties in Nevada, USA. 

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