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PHILIPPINES NATIONAL STEEL CORP TO HAVE MOST DEBT FORGIVEN.
Publication: AsiaPulse News Publication Date: 31-JAN-02 |
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COPYRIGHT 2002 Asia Pulse Pty Ltd
MANILA, Jan 31 Asia Pulse - Creditors of the moribund National Steel Corp (NSC), including the Malaysian and Philippines governments, have agreed in principle to write off a substantial portion of the utility's combined P60 billion (US$1.17 billion) in debts to ensure the viability of the surviving company.
Trade and Industry Secretary Manuel A Roxas II told reporters that the objective of the debt write down is to make NSC almost a debt-free company and ensures the viability of the resulting surviving...
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