Posted on November 26, 2012 10:05:47
PM [ BusinessWorld Online ]
THE QUEZON CITY (QC) Regional Trial
Court (RTC) has denied Philippine Realty & Holdings Corp.’s (PhilRealty)
plea to exit corporate rehabilitation, citing debt the developer still needed
to settle, the company said in a disclosure yesterday.
“This is to advise that RTC of QC Branch 93 has denied our motion to
terminate rehabilitation proceedings. The court gave credence to the comment
and recommendation of the Rehabilitation Receiver (Ricardo G. Ysmael) that
[PhilRealty] has still substantial amount to pay in accordance with court-approved
rehabilitation plan, and termination of the rehabilitation proceedings be
deferred until petitioner as fully settled its obligations,” the disclosure
read.
Neither the court ruling nor
information on debts of the firm, which has been under rehabilitation since
2002, was available.
The firm filed last February a motion
to exit rehabilitation, claiming it had fulfilled key parts of the
rehabilitation plan.
“We shall present to the
Rehabilitation Receiver a program to settle our remaining obligations…” said
the firm, whose shares added 3.13% to 49.5 centavos yesterday.
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