Bilyonaryo - Business

Jose Go seals P73M compromise deal with Landbank on Ever Gotesco loan

August 14, 2022

Bilyonaryo.com

Businessman Jose Go has reached a compromise deal with Land Bank of the Philippines on a bad loan to his bankrupt firm, Ever Gotesco Resources Holdings Inc. (EVER).

EVER said it has agreed to pay Landbank P73 million over the next four year at an annual interest rate of four percent.

EVER and Landbank reached an amicable settlement seven years after a Regional Trial Court ordered Go to pay the state-run bank P50 million with interest, damages and attorney’s fees.

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Go raised the case to the Court of Appeals where it is currently pending. EVER submitted the compromise agreement last April.

Landbank sued Go and EVER in 1999 for failing to pay their loans.

EVER, which was formed by Go in 1996, collapsed during the Asian financial closure following its debt-fueled expansion into banking (Orient Bank) and leisure property (Evercrest Golf Club Resorts).

The compromise deal was reached just months before the company announced its name change (Everwoods Green Resources and Holdings Inc.) and pivot to tourism and bamboo farming.

Related News Tags: Ever Gotesco loan, Ever Gotesco Resources Holdings Inc., Jose Go, Landbank

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