Lance Gokongwei erases P8.2B in Cebu Pacific debt, lease, passenger refunds in Q2
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Lance Gokongwei erases P8.2B in Cebu Pacific debt, lease, passenger refunds in Q2

Bilyonaryo Lance Gokongwei has used up 66 percent of the P12.5 billion raised by the parent of budget airline Cebu Pacific from the sale of convertible preferred shares.

In a report to the Philippine Stock Exchange, Cebu Air (CEB) said it spent P8.2 billion from its stock rights offering proceeds in the second quarter this year.

CEB paid off the $100 million (P4.791 billion) advances injected by the Gokongweis’ JG Summit Philippines to provide liquidity to the airline amid the disruptions in its operations caused by the pandemic.

CEB also spent P1.655 billion of its lease payments and P1.387 billion of its principal debt during the period.

It also disbursed P384 million for passenger refunds.

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