June 24, 2013
8:43 pm [ manilatimes.net ]
by Madelaine
B. Miraflor Reporter
Uniwide
Holdings Inc. called on Monday the decision of the Securities and Exchange
Commission to dissolve the firm and its five other companies as “unfair.”
Uniwide is
claiming in a disclosure filed at the Philippine Stock Exchange records earlier
presented by the SEC showed that the group has substantially paid its
obligations in 2010 and its debt to its creditors significantly reduced.
“As early as
December 2012, urgent motions were filed to withdraw from the SEC as Uniwide
will negotiate with its creditors and because it believes it is on the road to
recover its financial standing,” Jimmy Gow, president of Uniwide Group of
Companies, said in the disclosure.
According to
him, the motion given by the SEC was not acted upon, and a mandamus case filed
with the Court of Appeals where it is still pending resolution.
“It is
therefore unfair that the corporation be dissolved and liquidated,” Gow further
said.
SEC earlier
ordered to dissolve and liquidate Uniwide Holdings and five other companies
under the group, namely Uniwide Sales Inc., Naic Resources and Development
Corp., Uniwide Sales Realty and Resources Corp., First Paragon Corp. and Uniwide
Sales Warehouse Club.
A special
hearing panel, which was assigned to assess the group, found that petitioners
were insolvent since 2003 or just over a year after the implementation of the
Second Amendment to the Group Amended Rehabilitation Plan.
According to
SEC, the companies are not liquid, have negative net worth and debt-to-equity
ratios, very high debt-to-asset ratio, enormous capital deficit and chronic
losses.
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