Phoenix negotiates sale-leaseback deal with BDO to restructure debt
Phoenix Petroleum [PNX 6.00 unch; 0% avgVol] [link] and BDO [BDO 128.50, down 0.4%; 55% avgVol] announced that the two parties had negotiated a sale-leaseback agreement to restructure PNX’s outstanding debt. PNX said that the agreement, which covers unspecified “terminals, depots, and retail stations”, will provide PNX with P9 billion that it will use to meet its current debt obligations and reduce its overall indebtedness. The terms of the agreement were not made public, but BDO did say that PNX will have the exclusive right to repurchase the assets in 3-5 years from BDO “under certain terms and conditions”.
