The Gokongwei family’s Cebu Air Inc. is in talks with private and government banks to raise P12.5 billion to P16 billion to support budget carrier Cebu Pacific through the COVID-19 pandemic.
Trina Asuncion, Cebu Air director for financial analytics and investor relations, said they were in ongoing discussions with lenders, including state-run Land Bank of the Philippines and Development Bank of the Philippines, and a deal could be potentially sealed within the month.
“It’s not final yet, but we are quite confident it will go positive,” Asuncion said in a press briefing. She said lenders were supportive and that Cebu Air could absorb additional debt given its strong balance sheet.
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Keep on reading: Cebu Pacific in talks with banks to raise up to P16B