Of this amount, P6.5 billion are short-term obligations and the remaining P5 billion are long-term.
The company was able to repay a third of its P5-billion long-term loans last April.
The P11.5 billion will cover only the principal payment and exclude the interest.
Meralco was recently able to secure an approval from its short-term lenders to suspend the payment by three months. The short-term debts are supposed to be due this July.
Within the three-month reprieve, Meralco should be able to come up with a scheme that will convert these loans to medium-term.
"Within three months, we have to get a solution to allow them (short-term creditors) to extend it or convert it to medium-term. They promised not to call on those loans if we will be able to come up with a conversion scheme," Meralco president Jesus Francisco said.