11th January 1999
PLDT'S PILTEL SUBSIDIARY IN NEGOTIATIONS WITH ITS CREDITORS
First Pacific announced today that the following statement has been released to the Philippine Stock Exchange (PSE) by Pilipino Telephone Corporation (known as Piltel), a separately listed subsidiary of Philippine Long Distance Telephone Company (PLDT):
Pilipino Telephone Corporation is currently in discussion with its creditors with regard to the current and prospective status of its debt obligations. Some of these obligations have become due and the Company is actively pursuing discussions with its creditors in order to resolve its outstanding debt obligations as soon as practicable. In the meantime, Piltel wishes to stress that it is able to continue its services to its customers and clients and that operations remain normal.
In a separate statement to the PSE, PLDT affirmed that Piltel's situation will not in any way affect its ability to comply with its own financial obligations.
Piltel is a Philippine nationwide cellular operator with approximately 180,000 monthly subscribers and more than 150,000 users of its pre-paid service. It is 50.1 per cent owned by PLDT - in which First Pacific has a 17.2 per cent economic interest and 27.4 per cent voting interest.
For further information, please contact:
| First Pacific Company Limited Robert Sherbin | Tel: (852) 2842 4380 |
| Executive Vice President Group Corporate Communications | |
| Pilipino Telephone Corporation | |
| Michael Lonergan Financial Advisor |
Tel: (632) 848 8407 |
| Napoleon Nazareno Chief Executive Officer |
Tel: (632) 845 6003 |
First Pacific Company's information can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
E-mail: info@firstpac.com.hk |
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |