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Byline: Doris C. Dumlao
PROPERTY developer MRC Allied Industries plans to give up some properties in its flagship township projects in order to wipe out about P650 million worth of debts.
In a disclosure to the Philippine Stock Exchange yesterday, MRC Allied chair Benjamin Bitanga said the company continued to incur losses due to the slump in the real estate sector.
But the company said it has continued efforts to reduce debt and has so far paid 10 percent of its outstanding bank loans through asset swaps or dacion en pago arrangements.
"The company's management is continuously negotiating with its creditor-banks to liquidate all of its …