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Victorias Milling to convert P70M in debt to equity


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Listed sugar miller Victorias Milling Company Inc. (VMC) will convert P70.05 million in debt into equity, the result of a restructuring agreement with its creditors.
 
In a regulatory filing Monday, VMC announced its board has approved the conversion of P70.5 million in convertible notes into 70,049,966 shares.
 
Creditors who will get the shares are:
 
  • Advent Capital & Finance Corp. (514,047 shares)
  • Asset Pool (SPV-AMC), Inc. (706,138 shares)
  • Narra Investment Corp. (19,344,551 shares)
  • Narra Investment Corp. (40,083,757 shares)
  • Central Bancorporation (337,743 shares)
  • East Asia Capital (1,262,088 shares)
  • First E-Bank/PDIC (514,047 shares),
  • Philippine Commercial Cap., Inc. (1,584,016 shares)
  • Sullasses Holdings, Inc.(5,621,087 shares)
 
In April, VMC agreed to pre-pay part of its restructured loans. Its board approved the pre-payment of P709.4 million and $3.24 million to its creditors on May 31, 2013 under a debt restructuring agreement. 
 
The company has been reducing its debt to strengthen its balance sheet as it upgrades its production facilities in preparation for heightened competition in 2015, when sugar tariffs across the Association of Southeast Asian Nations will be lowered to between five percent to zero.
 
The Negros Occidental-based miller has subsidiaries in fish canning, real estate, sugar sacks and packaging, and golf course and restaurant operations.
 
The operating subsidiaries of VMC include Victorias Foods Corporation, Victorias Agricultural Land Corporation, Canetown Development Corporation, Victorias Golf and Country Club, Inc., Victorias Quality Packaging Company, Inc., and Victorias Industrial Gases Corporation. — JDS, GMA News
Tags: sugar
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