First Philippine Holdings seeks payment extension.

(From BusinessWorld (Philippines))

Byline: Cathy Rose A. Garcia

Lopez-owned power generation holding firm First Philippine Holdings Corp. has asked creditors for a one-month extension on the repayment of its $60-million loan.

In a disclosure to the Philippine Stock Exchange, First Philippine Holdings said its offshore unit FGHC International Ltd has asked its creditors to move the repayment date of $60 million worth of obligations under the facility to July 31 instead of June 30.

FGHC International had settled only $10 million, plus interest of its $70-million facility agreement, which matured last May 22. Creditors earlier agreed to move …