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BENGUET DEBT NEGOTIATIONS ONGOING

 MANDALUYONG, Metro Manila, Sept. 16 /PRNewswire/ -- The debt restructuring negotiations of Benguet Corporation (NYSE: BE) with its 23 creditor banks are nearing completion. Benguet's management, with the assistance of their financial advisors, continue to meet with the creditors on a regular basis to fine tune the provisions of the final agreement. In the meantime, essential aspects of the restructuring agreement, such as the Mortgage Trust Indenture and related arrangements, will soon be in place. It is expected that approximately P2 - 2.2 billion of restructured debt will remain after an expected debt reduction of P1.9 - 2.1 billion. Benguet continues its asset disposal program and hopes to attain its target in time for the implementation of the Restructuring Agreement. With the cooperation being shown by the creditor banks, Benguet is confident that the negotiations can be concluded shortly.
 -0- 9/16/93
 /CONTACT: Robert V. Schnabel, U.S. counsel, Benguet Corporation, 202-638-2241/
 (BE)


CO: Benguet Corporation ST: IN: MNG SU:

KD-MH -- DC012 -- 2679 09/16/93 12:16 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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