PSE Circular for Brokers No. 2411-98

October 21, 1998 PSE CIRCULAR FOR BROKERS NO. 2411-98 October 20, 1998 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. October 20, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number 21817 3 BIR Tax Identification No. 321-000-530-631 4. PHILIPPINE TELEGRAPH AND TELEPHONE CORP. (PT&T) Exact name of registrant as specified in its charter 5. METRO MANILA, PHILIPPINES Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. SCC Bldg., 106 C. Palanca Jr., St., Legaspi Village, Makati City 1229 Address of principal office 8. (632) 818-0511 to 25 Registrant's telephone number, including area code 9. N/A Former name of former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Shares Outstanding and Amount of Debt Outstanding Common stock P1.00 par value 799,993,723 11. Indicate the item number reported herein : Item 9: Other Events (a)(1)(F) OTHER EVENTS The company has executed a Memorandum of Agreement (the "MOA") with its creditors for both parties to undertake negotiations for the settlement of PT&T's outstanding obligations. During the said negotiation period and provided both parties are in compliance to the provisions of the MOA, the creditors will neither demand nor accept payment of any portion of PT&T's outstanding obligations. The company contracted the advisory services of Buenaventura Filamor Echauz (the "BFE") in collaboration with Bear Steams (Asia) Ltd. for the preparation of a restructuring plan and mobilization of new money if necessary in accordance with the plan which will be subject to the approval of all parties concerned. It also deemed appropriate that the restructuring plan be presented at the stockholder's meeting. Hence, considering the present status of its development and the estimated timetable, it has been recommended that the PT&T regular annual stockholder's meeting scheduled on October 30, 1998 be postponed to November 27, 1998. The meeting will be held at Ballroom I, Ground Floor, Dusit Hotel Nikko, Ayala Center 1223 Makati City. The record date for determining the stockholders entitled to notice of the meeting and to vote at the election is the close of Business hours on November 13, 1998. SIGNATURE Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Philippine Telegraph & Telephone Corp. Registrant (SGD.) GERARDO R. DE LEON SVP Finance