November 02, 2010
LISTED BENGUET Corp. has bought back 79.5% of its secured debt at 30%, the company said in a disclosure.
The firm has bought back an additional 28.5% of its secured debt on top the 51% it had retired last Oct. 22, Reynaldo P. Mendoza, assistant corporate secretary, said in a disclosure.
Mr. Mendoza said the firm was continuously trying to settle its bank debts at "70% discount or to restructure its remaining obligation."
Benguet Corp. has sold its rights to the Kingking copper-gold mine in Compostela Valley to settle its debts. The firm signed an agreement last July 22 with St. Augustine Mining Ltd., local unit of US-based Russell Mining, for the former's interest in the Kingking project.
Last Oct. 26, Benguet Corp. obtained an initial $8 million out of the total $25 million negotiated price. The balance will be paid over seven years, the miner said. -- Kathleen A. Martin
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