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By TED CORDERO, GMA News Published May 7, 2021 12:07pm GMR-Megawide Cebu Airports Corp. (GMCAC), the operator of Mactan-Cebu International Airport (MCIA), said Friday it executed with its creditors an agreement for the rebalancing of its debt servicing commitments and relaxation of debt covenants. In a disclosure to the Philippine Stock Exchange, GMCAC parent firm Megawide Construction Corp. said the agreement is associated with the end-2020 outstanding loan of P23.9 billion for project financing contracted to develop, operate, and maintain the MCIA. GMCAC is a consortium between Megawide and India’s GMR Group formed to manage and develop MCIA for the next 25 years.

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