Four banks amenable to Ramcar’s dacion en pago offer

Four of Ramcar Inc.’s 19 creditor banks said they are amenable to the company’s dacion en pago offer while nine others are considering it, a ranking official of the company said the other night.

Saying the company is not interested in taking in a strategic partner, Ramcar president Roberto V. Garcia, Ramcar Inc. they are capable of paying their debts with all the "profitable" real estate properties that they own.

Ramcar, the country’s leading automotive battery maker, owes 19 banks a total of P7.9 billion and is seeking a debt moratorium and a restructuring program that involves a combination of dacion en pago and outright payments.

In its dacion en pago proposal, Ramcar is offering a 100-hectare industrial estate in Sta. Maria, Bulacan which is said to fetch at least P30,000 per square meter, a property in Novaliches valued at around P700 million, and another in Metro Manila with an estimated value of P1 billion.