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Baguio Gold edges closer to acquiring PAL.
(From Philippine Daily Inquirer)
Byline: Riza T. Olchondra
BAGUIO GOLD HOLDINGS CORP. HAS SEcured the clearance from the Philippine Airlines receiver for a debt-to-equity swap that would enable the holding company to buy the flag carrier.
In a disclosure to the Philippine Stock Exchange, the holding company of Lucio Tan said that it has received confirmation that its debt-to-equity swap with Trustmark Holdings Corp. does not violate PALs debt rehabilitation plan.
After the swap, Baguio Gold will proceed to buy 81.6 percent of Philippine Airlines from the six companies that own the nations biggest carrier. The publicly traded holding company …
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