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Equitable PCI sells P8.3B in idle assets.
(From Philippine Daily Inquirer)
Byline: Doris C. Dumlao
EQUITABLE PCI Bank has finalized the sale of P8.32 billion worth of non-performing loans to Philippine Investment One Inc., a unit of US investment bank Lehman Brothers Inc.
In a disclosure to the Philippine Stock Exchange yesterday, Equitable PCI said it had closed the sale agreement involving non-performing loans, comprising bulk of the idle assets it wanted to unload using the Special Purpose Vehicle (SPV) framework.
Equitable PCI Bank reached an initial agreement with Lehman Brothers on the sale of P10.5 billion in idle assets using the SPV mode.
A separate agreement is being worked out with Lehman for the remaining assets, consisting of real and other properties owned and acquired (ropoas).
Philippine Investment One is a subsidiary of Lehman Brothers South East Asia Pte Ltd.
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