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BENGUET REPORTS ON DEBT NEGOTIATIONS

 METRO MANILA, Philippines, July 7 /PRNewswire/ -- Benguet Corporation (NYSE: BE) reported that on June 18, its financial adviser, Bankers Trust


Company, and members of Benguet's management presented to Benguet's bank creditors a plan to address the company's approximately P4 billion debt. The primary focus of the plan is the divestment of several non-strategic assets/investments, with a view toward reducing the debt to approximately P1.7 billion. The plan also includes the restructuring of the remaining debt by terming it out and collateralizing it. The plan has not been accepted by the creditor banks, but negotiations with the banks are ongoing to settle on the final terms and conditions.
 Benguet recently sold its stake in EEI for approximately P730 million and certain real estate assets for approximately P130 million. The proceeds from these sales are being used to retire a portion of Benguet's bank debt. The company's management continues to seek buyers for the other assets/investments it has slated for disposal.
 Benguet's management remains optimistic that the debt situation can be resolved generally in accordance with the proposed plan by late August, after which Benguet expects it will be able to re-avail itself of its trade related credit facilities.
 -0- 7/7/93
 /CONTACT: Robert V. Schnabel, U.S. counsel, Benguet Corporation, 202-638-2241/
 (BE)


CO: Benguet Corporation ST: IN: MNG SU:

MH -- DC010 -- 8978 07/07/93 09:51 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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