![]() They were flexible and fast - two aspects that helped finalize this transaction. Ronald Dana, president of Dana Transport, said, "CIT thoroughly understood our business and was able to provide prompt financing tailored to our needs. "This financing for Dana Transport further supports their ongoing growth strategy and enables the company to leverage its fleet of specialized trailers and gain additional liquidity." "This transaction highlights CIT's ability to develop customized financing solutions for our middle market clients," said Vince Belcastro, managing director and group head of CIT Equipment Finance. Terms of the transaction were not disclosed. ![]() Financing was provided by CIT Bank, the U.S. ![]() According to reports, the entry to the port has been blocked.CIT Group, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, one of the transport industry's leading carriers and servicing companies.ĬIT Capital Equipment Finance served as lead arranger, sole book runner, collateral agent and administrative agent in the transaction. The operator of the port is State Investment Fund, which is under the authority of the Philippine Ports Authority. In effect, it was forcible takeover of the mines by the Chinese company, aided even by the police.Ī similar takeover was reported at the port that CMI used to ship out ores from the mine site. The policemen then set up their own checkpoints.įollowing the takeover by the police, some Chinese nationals (reportedly connected with Geo King Asia Mining Corp.) entered the Coto mine site, escorted by the same policemen. The Philippines has been ranked as having the highest power rates (residential) in Asia and the fifth highest in the world.ĭuring the last long weekend, perhaps unknown to the top officers of the Philippine National Police, a group of policemen took over a mining property in Zambales known as Coto Mines.įrom what I gathered, the policemen dismantled guard houses in the area that were occupied by personnel of the Consolidated Mining (CMI), owner of the mining rights in the area. One senator after all is chair of the Joint Congressional Power Commission.Īccording to the Philippine Exporters Confederation, or Philexport, exporting companies here are planning to move to China and Vietnam because of the high electricity rates. If indeed our senators want to do something for the country, maybe they can take a look at the high power rates. The question, which may or may not come up in the forthcoming senate investigation, is this: Why were those accounts included in the SPV program? You know, things like, well, who arranged for the P1.67-billion write-off? Other Lopez group companies that enjoyed the loan write-off bonanza in the DBP were Bayantel (loan of about P592 million), Central CATV (P207 million) and Benpres Holdings (P158 million). Eventually, the MVP group also acquired Maynilad. After three years, or in 2003, Maynilad had stopped payment of interest on the DBP loan. The biggest write-off was the P710 million loan to Maynilad Water, which was obtained in 2000. Written off at that time were some P1.67 billion in DBP loans to the Lopez group. Well, sometime in 2006, the DBP wrote off almost P10 billion of its loans as part of its SPV program. Remember that, the “special purpose vehicle” law, the one designed to rid our banks of some of their NPAs, or “non-performing assets?” Among them are loans written off by the DBP as part of the SPV law. Talk goes around in banking circles that the next round of Senate investigation over the DBP may feature some booby traps. I mean, really, do we really need another investigation over a transaction that yielded some P17 billion in profit? Just between us girls, by one account of a stock market research team, the sale of their Meralco holdings already earned for the GFIs a total of P17 billion. The Lopez group of course decided to sell the 6 percent block, plus another 7 percent from the Meralco retirement fund, not to Henry Sy Jr. Whichever group acquired the 6 percent holdings-either that of MVP or RSA-it would, in effect, take controlling interest in Meralco. Yet the Lopez group and the GFIs got 100 percent premium in selling Meralco shares.Įnter Henry Sy Jr., one of the heirs of the SM group of companies, who offered to pay P300 per share for the remaining 6 percent Meralco holdings of the Lopez group.Īt that price, it actually became the swing block. ![]() Stock markets all over the world were collapsing. Remember that in 2008 it was a down market.
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