SKYCable, Home Cable sign debt restructuring agreement Creditors of Sky Vision Corp., Central CATV Inc., and Philippine Home Cable Holdings Inc. today signed a debt restructuring agreement (DRA) giving the cable operators seven years to pay for total debts of P2.5 billion pesos.
Debt restructured amounted to P1.166 billion for SKYCable and P1.350 billion for Home Cable.
Juno Henares Chuidian, vice president for Programming at SKYCable said the successful debt restructuring paves the way for the continuous improvement of its services. "Our customers can expect us to offer more and better programming choices and to upgrade our distribution network," she said. SKYCable and Home Cable are expected to deploy set-top boxes beginning 2004 to offer tiered programming and give cable subscribers flexibility in choosing the channels they wish to receive. The set-top boxes will also allow them to counter signal theft and piracy.
The following creditors signed the DRA: Asia United Bank, Asia United Bank-Trust, Chinatrust (Phils.) Commercial Bank Corp., Development Bank of the Philippines, Bank of the Philippine Islands, East West Banking Corporation, International Commercial Bank of China, Keppel Bank Philippines, Inc., Metropolitan Bank and Trust Co., Bangkok Bank, China Banking Corporation, Equitable PCI Bank, Amalgamated Investment Bancorporation and PCI Capital Corp.
