Philippine lenders plan their own rescue of steelmaker

Creditor banks are planning to take over and rescue the Philippines' loss-making National Steel Corporation (NSC). The 14 creditors, led by Philippine National Bank (PNB), have grown impatient with a receivership committee that was supposed to have resolved the steelmakersÆ problems and found a new strategic investor to lead the troubled entity, according to the Philippine Daily Inquirer.