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Property firm told to complete rehabilitation

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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