SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 6 -K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 OF

THE SECURITIES EXCHANGE ACT OF  1934

 

Report on Form 6-K dated June 1,2004

(Commission File No. 1-15024)

 

 

 

PHILIPPINE LONG DISTANCE TELEPHONECOMPANY

(Name of Registrant)

 

Ramon Cojuangco Building
Makati Avenue, Makati City

Philippines       0721

(Address of Principal ExecutiveOfficers)

 

 

            Indicate by check mark whether the registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F:

 

                                            Form 20-F:y                        Form 40-F:  o

 

            Indicate by check mark if the registrant issubmitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):

 

                                                       Yes:o                                    No:  y

 

            Indicate by check mark if the registrant issubmitting the Form 6-K in paper as permitted by Regulation by Regulation S-TRule 101 (b) (7):

 

                                                       Yes:o                                    No:  y

            Indicate by check mark whether the registrant byfurnishing the information contained in this form is also thereby furnishingthe information to the Commission pursuant to Rule 12g3-2(b) under theSecurities Exchange Act of 1934:

 

                                                       Yes:o                                    No:  y

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enclosure:

 

 

A copy ofthe press release that is being issued today by Philippine Long DistanceTelephone Company, entitled “SmartReceives Offers From Piltel Creditors Representing 68.4% of Piltel’sOutstanding Restructured Debt”.

 

 

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**Security Code # CM-040**
 
 

 
 
 
 

 

 

 

June 1, 2004
 

 

 

Philippine Stock Exchange

4/F Philippine Stock Exchange Center

PSE Center, Exchange Road

Ortigas Center, Pasig City

 

Attention:  Atty. Ma.Pamela Quizon-Labayan
Officer-in-Charge, DisclosureDepartment
 

Gentlemen:

 

            Inaccordance with Sections 17.1 (b) and 17.3 of the Securities Regulation Code,enclosed is a copy of a Current Report with a press release attached theretoentitled “Smart Receives Offers From Piltel Creditors Representing 68.4% Of Piltel’sOutstanding Restructured Debt”.

 

 

 

 

             Very truly yours,

 

                PHILIPPINELONG DISTANCE TELEPHONE COMPANY
 

 

 

 

ANABELLE L. CHUA
Treasurer and Senior Vice President

 
 

 

 

 

 

 

 
 
 

 
 
 
 
 
 
June 1, 2004
 

 

 

Securities & Exchange Commission

Corporate Finance Department

SEC Building, EDSA

Mandaluyong City

 

Attention:  Director JustinaF. Callangan
CorporationsFinance Department
 

Gentlemen:

 

            Inaccordance with Section 17.1 (b) of Securities Regulation Code, we aresubmitting herewith five (5) copies of a Current Report with a press releaseattached thereto entitled “Smart Receives Offers From Piltel CreditorsRepresenting 68.4% Of Piltel’s Outstanding Restructured Debt”.

 

 

                Very truly yours,

 

                PHILIPPINE LONGDISTANCE TELEPHONE COMPANY

 

 

 

 

                      ANABELLE L. CHUA
Treasurer and Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**SEC Number    PW-55**

**File Number _______**

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**PHILIPPINE LONG DISTANCE TELEPHONECOMPANY**

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 (Company’s Full Name)

 

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**10th Floor, PLDT Tower I,Ayala Avenue, Makati City**

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 (Company’s Address)

 

 

**814-3664_______________**

(Telephone Number)

 

 

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**_________________N.A._________________**

(Fiscal Year Ending

(month & day)

 

**CURRENT REPORT UNDER SECTION 17 OF THE**
**SECURITIES REGULATIONCODE_________**

(Form Type)

 

 

  ___________________**N.A._________________**

Amendment Designation (Ifapplicable)

 

 

  ___________________**N.A._________________**

Period Ended Date

 

 

  ___________________**N.A._________________**

(Secondary License Type and FileNumber)

 

 

 

 

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**SECURITIES AND EXCHANGE COMMISSION**

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**SEC FORM 17-C**

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**CURRENT REPORT UNDER SECTION 17**

**OF THE SECURITIES REGULATION CODE(“SRC”)**

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1.   June 1,2004                                                                    ________________________

****Date of Report (Date of earliest event reported)

 

2.  SEC Identification Number _PW-55 _   3.  BIR TaxIdentification No. __000-488-793   

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4.  Philippine Long Distance Telephone Company_________________________

****Exact name of registrant as specified in its charter

 

5.  Philippines        ___________________________6.            (SEC Use Only)

     Province, country or other jurisdictionor                           Industry Classification Code:

     Incorporation

 

7.  10th Floor PLDT Tower I, Ayala Avenue, MakatiCity________              _____1200

     Address of principal officePostal Code

 

8.  (632) 814-3664    _____________________________________________________

     Registrant’s telephone number, including area code

 

9.  Not Applicable________________________________________________________

     Former name or former address, if changed since lastreport

 

10.  Securities registered pursuant to Sections 8 and 12 ofthe SRC

 

Title of Each Class                             Numberof Shares of Common Stock

                                                                        Outstandingand Amount of Debt Outstanding

 

_______________________________________________________________________

 

_______________________________________________________________________

 

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Enclosedis a copy of a press release entitled “Smart Receives Offers From PiltelCreditors Representing 68.4% Of Piltel’s Outstanding Restructured Debt”.

 

 

 

SIGNATURE

 

 

Pursuant to the requirements of the Securities  Regulation Code, the Registranthas duly caused this report to be signed on its behalf by the undersignedhereto duly authorized.

 

 

 

PHILIPPINE LONG DISTANCE

TELEPHONE COMPANY

 

 

 

            ANABELLE L. CHUA

Treasurer and Senior Vice President

 

 

 

Date :  1June 2004

 

DistributionCopies:     5 copies  -  Securities & Exchange Commission

1 copy    -  Philippine Stock Exchange

1 copy    -  Company Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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**SMART RECEIVESOFFERS FROM PILTEL CREDITORS REPRESENTING 68.4% OF PILTEL’S OUTSTANDINGRESTRUCTURED DEBT**

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***Manila,Philippines, June 1, 2004*** – SmartCommunications, Inc (“Smart”), a wholly-owned subsidiary of Philippine LongDistance Telephone Company (“PLDT”) (PSE:TEL) (NYSE:PHI), announced today thatin response to its invitations to creditors of Pilipino Telephone Corporation(“Piltel”) to sell their Piltel debt, Smart had received, as of the close ofbusiness on May 31st, 2004, offers from Piltel creditors representingapproximately 68.4% in aggregate of the outstanding restructured Piltel debt.All minimum thresholds in respect of individual facilities were met, other thanthat set for Piltel’s bonds (Conversion Notes).  

Given the highacceptance level from Piltel’s creditors, Smart would still be able to proceedwith the transaction.  Smart has a period of 90 days from the end of the offerperiod in which to determine if it will proceed with, and then close, thetransaction.  If Smart does elect to proceed with the debt exchange, it wouldhope to close the transaction by the end of July 2004.

However, as the 75%aggregate threshold has not been met, Smart will need to review the matter withthe Board of Directors of both PLDT and Smart.  PLDT’s next Board meeting isscheduled for June 8th, 2004 and, until then, Smart is prepared toentertain any further offers for Piltel’s debt on the same economic terms. 

 

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*Thispress release may contain some statements which constitute “forward-lookingstatements” that are subject to a number of risks and uncertainties that couldaffect PLDT’s business and results of operations.  Although PLDT believes thatexpectations reflected in any forward-looking statements are reasonable, it cangive no guarantee of future performance, action or events.*

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**About PLDT**

PLDT is the leadingtelecommunications provider in the Philippines. Through its three principalbusiness groups – fixed line, wireless and information and communicationstechnology – PLDT offers a wide range of telecommunications services across thePhilippines’ most extensive fiber optic backbone and fixed line, cellular andsatellite network.

PLDT is listed on the PhilippineStock Exchange (PSE:TEL) and its American depositary shares are listed on theNew York Stock Exchange (NYSE:PHI) and the Pacific Exchange.  PLDT has one ofthe largest market capitalizations among Philippine listed companies.

Further information can be obtainedby visiting the web at www.pldt.com.ph.

 

 

 

 

SIGNATURES

 

 

 

            Pursuant tothe requirements of the Securities Exchange Act of 1934, the registrant hadduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

 

 

 

                                PHILIPPINE LONG DISTANCETELEPHONE COMPANY
 

 

 

 

                                                         By:MA. LOURDES C. RAUSA-CHAN

Corporate Secretary
 

 

 

Date:  June 1, 2004