4 days Now restructures to wipe out deficit MB |Biz
By Emmie V. Abadilla In order to expand its core wireless business over the short term, Now Corporation is restructuring its equity to wipe out its accumulated deficit of P402.1 million. The Securities and Exchange Commission (SEC) has already approved the application of the publicly listed telco to eliminate its deficit last year by reducing its surplus of P455.18 million. The company also has a pending application filed with the SEC to convert its outstanding shareholders’ advances of P264 million to equity. The strategies are expected to strengthen Now’s finances. In particular, wiping out its deficit removes a major obstacle ... more