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Victorias Milling Company, Inc. Amendments of Alternative Rehabilitation Plan and Debt Restructuring Agreement

That during the regular meeting of the Board of Directors of Victorias Milling Company, Inc. (VMC) in May 4, 2012, the following amendments to the Alternative Rehabilitation Plan and Debt Restructuring Agreement of VMC were approved to be proposed:
Amendments to the Rehabilitation Plan
  • Five Hundred Million Pesos (P500,000,000.00) prepayment of the Convertible Notes ("CN”) subject to the following conditions:
  1. Conversion into equity of the remaining amount of the CN’s; and
  2. Reduction of interest rate on restructured debt
    • Peso loan from 10% to 8%
    • Foreign CDU loan from 6% to 5%
Amendments to the Debt Restructuring Agreement (DRA)
  1. Voluntary prepayment on the restructured loan without any penalty from any source;
  2. Pro-rata application; and
  3. The joint venture seat in the Board of Directors be allocated to the director who will be elected as President of VMC.
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"Victorias Milling Company, Inc. Amendments of Alternative Rehabilitation Plan and Debt Restructuring Agreement" was written by Mary under the Business category. It has been read 2064 times and generated 0 comments. The article was created on and updated on 07 May 2012.
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