Seaweed & Tuna in debt swap?
(Philippines) - In a novel technique to repay part of state-owned National Power Corp's (Napocor's) US$4 billion foreign debt, the Government is suggesting both live and canned tuna to selected creditors.
With around US$1 billion of debt due this year, Napocor has cancelled a US$500 million bond offer scheduled for this month and come up with an initial tuna repayment supported by fall back offers of coconut oil and a seaweed extract called carrageenan in settling up to US$80 million owed to Italian creditors.
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