In further evidence of an Asian company mismatching its debts with its cashflows, Metro Pacific of the Philippines is to sell its crown jewel, Bonifacio Land Corp.
ING Barings has been mandated to advise on the sale.
Metro Pacific, which is 80.6% owned by Hong Kong-listed First Pacific, looks like it will be forced to sell Bonifacio Land in order to pay back a $90 million bridge loan to the self-same First Pacific, due in December.
First Pacific made the bridge loan in April when Metro Pacific saw investors redeem an $80 million convertible bond. It was forced to step in to avert a funding crisis at its subsidiary. But Metro Pacific, a...