But the company also quickly assured that the guarantee is “limited to the loan of approximately P700 million” and does not cover its entire debt pile. Technically, a state guarantee means PGC would have to shoulder Chelsea’s loans in case of default. “Chelsea Group is capable of covering all its loan obligations…,” it added. In 2018, Chelsea recorded a net loss of P622.13 million, reversing a net income of P47.35 million the prior year, financial statements showed. No malicious misinformation will succeed and the Chelsea Group may seek legal action against such attacks, if necessary,” Chelsea said in the disclosure.

Source: Philippine Star February 17, 2020 06:22 UTC