ABS-CBN, lenders reach âstandstillâ deal
June 4, 2021 | 12:09 am
ABS-CBN Corp. on Thursday said that it had reached a standstill agreement with its existing lenders.
âThe existing lenders of the company today agreed to make its standstill agreement with the company effective, i.e. not to declare any event of default or to exercise any rights or remedies under existing loan agreements, after compliance by the company with the lendersâ condition of the creation of a mortgage and security interest over certain assets of the company,â ABS-CBN said in a disclosure to the stock exchange.
The company said the effective date of the standstill agreement is May 31.