Phoenix Petroleum Philippines Inc. said Wednesday it is close to finalizing a debt restructuring program to improve its financial situation.
The company said in a statement to the Philippine Stock Exchange it is “concluding the negotiation for a liability management exercise [LME] to manage and restructure its outstanding debts.”
Phoenix said that once the LME is finalized, it projects an “eventual recovery and improvement as we can already attract potential investors and working capital funding.”
The company said it plans to submit its 2023 and 2024 audited financial statements, as well as relevant quarterly reports, before Oct. 31, 2025.
Phoenix said in February it remained unable to pay dividends on its preferred shares due to its financial position.
The company posted a net loss of P3.688 billion from January to September 2023, widening from a P1-billion net loss in the same period a year earlier.
Phoenix also halted its importation of diesel and gasoline since March 2023, citing price volatility in the global oil market. The company said it is now more favorable to buy domestic fuels.
In October 2023, Phoenix agreed to a sale and leaseback deal for some of its assets, including terminals, depots, and retail stations, to BDO Unibank Inc. with proceeds estimated at P9 billion.
The company also divested from PNX Petroleum Singapore Pte. Ltd. The proceeds of over P1 billion ($19.2 million) were intended for working capital.
