Victorias Milling Co. Inc. (VMC) has paid its debts to EastWest Banking Corp. and may not be legally compelled to issue shares in lieu of paying its monetary obligation to the bank, the Court of Appeals ruled.
In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, VMC said that the CA has affirmed the August 15, 2015 en banc ruling of the Securities and Exchange Commission (SEC), that the Gotianun-led bank cannot swap the convertible notes amounting to more than P300 million issued by the sugar miller into equity.
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