Philippine lenders plan their own rescue of steelmaker

Unlike the Malaysian banks that were forced to write off 100% of loans to NSC, Philippine lenders will likely lend more.
July 10, 2000

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.

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