PSALM adjusts deadlines

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    The Power Sector Assets and Liabilities Management Corp. (PSALM) has rescheduled the deadlines for the privatization of the 650 megawatts Malaya thermal power plant (TPP) to give negotiating parties more time to submit documents.

    PSALM said submission of documentary deliverables was moved from April 7 to April 21 while the offer submission deadline was adjusted from April 23 to May 7.

    Three parties are keen to participate in the negotiated sale of the Malaya TPP and its underlying land: AC Energy Corp., Fort Pilar Energy Inc. and VBB Trucking, Trading and Consultancy Services Inc.

    Proceeds from the sale of all PSALM assets are used to settle maturing obligations inherited from the National Power Corp. as well as to minimize borrowings. – Jed Macapagal