Roxas Holdings, creditors OK restructuring deal

Sugar firm Roxas Holdings Inc. recently struck a deal with creditor banks to restructure some P6 billion in long-term debts, which the company intends to wipe out over the next three to four years to ensure a competitive footing in a low-tariff environment.

“We’re confident that we can de-leverage and operate profitably in the years to come,” RHI president Renato Valencia said during the company’s stockholders’ meeting Wednesday.

For the Oct. 2011 to Jan. 2012 period, the first four months in its fiscal year, RHI posted a net income of P99 million, a reversal of the net loss of P230 million a year ago. The target for the full year is to generate as much as P300 million in net income by the end of the fiscal year, Valencia said, noting though that this was still under review.  Doris C. Dumlao