Clock ticking for Waterfront; group owes PNB P740 million

Unless Waterfront fully pays its P739.6-million loan and the unpaid interest by Thursday, Feb. 19, PNB would either pursue foreclosure proceedings involving two Waterfront hotels in Cebu or secure a writ of execution from the Lapu-Lapu Regional Trial Court Branch 54. Waterfront also faces a penalty of P239.5 million.

If Waterfront is able to settle its account, both parties will simply file a manifestation in court that neither of the two options available to PNB would be resorted to.

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