Cebu Pacific Air (5J, Manila Ninoy Aquino International) will acquire an additional 20% stake in 1Aviation Ground Handling Services (1AV) in a debt-to-equity deal, according to an October 29 stock market filing. The transaction will increase Cebu’s ownership in 1AV from 40% to 60%. The airline will forego debts of PHP113 million pesos (USD1.94 million) for the additional stake.
Cebu Air said loans of PHP150 million (USD2.57 million) were being converted into equity, of which Cebu Air’s share is PHP113 million. Other…
Source: ch aviation
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