Media giant ABS-CBN Corp. reached a crucial debt standstill agreement with lenders after putting up assets as collateral.
The deal shields ABS-CBN from being declared in default amid the devastating impact of the loss of its franchise and mass layoffs following the shut down of its main television broadcast business by the Duterte administration in 2020.
In a stock exchange filing on Thursday, ABS-CBN said the standstill agreement with lenders took effect on May 31 this year, although it did not disclose the details of the agreement and assets that were covered.
The network’s latest financial filings as of the third quarter of 2020 showed debts of P21.5 billion, mo…
Keep on reading: ABS-CBN gets debt reprieve after putting up collateral