Manny Zamora-led PT&T seeks exit from rehab
Philippine Telegraph Telephone Corp. is seeking to exit corporate rehabilitation as it vies to become the country’s third telco player.
In a filing with the stock exchange, PT&T said it sought the Makati Regional Trial Court’s approval to allow it to exit from rehabilitation subject to compliance with certain requirements in line with the approved recovery plan.
“Part of the compliance is for PT&T to conduct a stockholders’ meeting to increase its authorized capital stock. This will enable PT&T to pay its debts through debt-to-equity conversion as mandated by the approved rehabilitation plan,” the listed company said.
“If granted, PTA&T can strategically proceed with its operations and at the same time settle the claims of its various creditors,” it added.
Creditors of PT&T have opposed the firm’s petition, arguing that the rehabilitation plan was not feasible.