Listed Philippine Telegraph & Telephone Corp. (PT&T) is poised to implement a capital restructuring plan that would settle long-running obligations ahead of the entry of a foreign strategic partner.
A key feature of the plan, according to PT&T chief operating officer Miguel Bitanga, is the conversion of its creditors into preferred shareholders, which was outlined under the companys court-mandated rehabilitation.
This was linked to a series of steps, including increasing PT&Ts authorized capital. This would pave the way for the entry of a strategic partner, deemed crucial in PT&Ts goal of becoming a third telco player to challenge incumbents PLDT Inc. and Globe Telecom.
This is one of the things we are now resol…
Read the full article at: https://business.inquirer.net/243715/capital-restructuring-eyed-address-ptt-debt-woes