There losing money day by day since they have been
off the air last May 5.
The amount is no joke as the Lopez-owned ABS-CBN
Corporation is losing around 30 to 35 million pesos a day since it closed down is
free tv and radio channels as directed by the cease and desist order issued by
the National Telecommunications Commission (NTC).
Creditors have asked the ABS-CBN Corp. for more
collateral to cover their loan exposure.
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| (photo credit to owner) |
These
facts have been revealed by ABS-CBN in its 50-page petition asking the Supreme
Court (SC) for a temporary restraining order (TRO) against the NTC’s CDO and
allow it to resume operations.
“ABS-CBN is losing 30 to 35 million every day that
it is off the air. While its most immediate loss would be loss of advertising
revenues, ABS-CBN risks incurring a lot more,” said ABS-CBN in its petition.
“Because of the CDO,ABS-CBN will not be able to service
its debts, and this would constrain creditors to require collateral for its
loans.
ABS-CBN Corporation has in fact already received a
notice from a bank demanding such collateral,” he added.
The
Lopez-controlled corporation apparently has P16 billion in short-term
liabilities due this year and P26.5 billion in long-term liabilities.
“Its credit lines and letters of credit had already
bee adversely affected, thereby seriously hampering activities which require
financing,” it said.
“Even if the total potential financial impact of the
foregoing may be estimated, the injury is still irreparable because ABS-CBN
cannot recover its losses from NTC,” it added.
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