APC approves capital restructuring program

In the Philippines, the board of APC Group Inc. approved a capital restructuring plan to reduce the company’s deficit. APC holds the contract for the 26,250-hectare service area in Batong Buhay, Kalinga with a generation potential estimated between 120 MW and 200 MW. Company chairman Willy Ocier says they are currently in talks with a foreign geothermal operator for a possible joint venture to run the project and says that APC plans to become a major player in the geothermal power sector. The company has investments in energy, mining, manpower outsourcing and telecommunications.