STI nixes P550-M Benitez debt settlement offer

STI Holdings Inc. has rejected the Benitez Group’s bid to negotiate and pay its debts to the educational firm with a P550-million proposal, saying the terms of the proposal are “not acceptable.”

Monico Jacob, STI Holdings Inc. president, told The Manila Times that the Benitez family’s bid to settle the P500 million principal loan to STI is “not acceptable” as the offer is too late given that the properties in question were “already foreclosed.”