ABS-CBN seeks longer-term refinancing for loans
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ABS-CBN Corp. has extended its financial lifelines as the once-dominant broadcaster continues efforts to repair its debt-laden balance sheet.
A Monday disclosure to the Securities and Exchange Commission (SEC) showed that the company had extended the maturity of its P5-billion loan from the Bank of the Philippine Islands (BPI) “on various dates up to August 31, 2026.”
Its separate P4.75-billion loan from Union Bank of the Philippines was likewise extended to September 30 this year.
“The loan extensions involved revisions to certain terms, including interest rates and collateral requirements,” the disclosure read. “The Parent Company continued discussions with its Lenders for the proposed long-term refinancing of the loans.”
ABS-CBN had previously secured an extension for its BPI loan, which originally matured in March last year, to September 1, 2025. Its UnionBank loan had likewise previously been extended to February 27.
ABS-CBN has seen its earnings plunge following the revocation of its franchise under the Duterte administration at the onset of the pandemic. The Lopez family-led company sank deeper into the red in the first half of 2026, posting a net loss of P1.83 billion from January to June, more than twice the P852-million loss recorded in the same period last year.
Consolidated revenues slid 17 percent to P6.88 billion, while its Content Production and Distribution business, a key pillar of the company’s post-franchise operations, saw revenues fall 9 percent to P5.76 billion in the first half.
ABS-CBN’s latest debt restructuring is the latest move the company has undertaken to strengthen its balance sheet. The company is set to receive around P6 billion in fresh capital through the issuance of 1.64 billion new shares, led by I&C Holdings Corp., which will become ABS-CBN Corp.’s second-largest shareholder behind the Lopez family bloc after investing P3.5 billion.
The three branches of the Lopez family, comprising former chairman Eugenio “Gabby” Lopez III-led Crème Investment Corp., Mantes Corp. and Presta Holdings Co. Inc., said they will invest P2.2 billion in ABS-CBN, with the funds coming from their own personal coffers.
The broadcaster had also reportedly been at the center of infighting within the Lopez family, with rival factions disputing the direction of the broadcaster, including the potential allocation of profits from First Gen Corp.’s recent hydropower deals.
Last week, San Miguel Corp. Chair Ramon Ang, acting in his personal capacity, bought Crème Investment Corp.’s 25.7 percent stake in Lopez Inc., the private holding company of the Lopez Group. The former ABS-CBN chair said he hoped the move would bring an end to the family feud.
“The first is my family,” Gabby Lopez said in a statement. “This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace.”
“Our families have known Ramon a long time. I am confident he will be a good partner to Lopez Inc.,” he added.
