Friday 19 October
Powered by Ajaxy
Aug 8, 2018 @ 21:56

Makati court allows PT&T to exit rehabilitation

 

Manuel Zamora-led Philippine Telegraph and Telephone Corp. has made an early exit from corporate rehabilitation after a Makati court granted the cash-strapped firm’s petition.

“The Regional Trial Court of Makati City branch 66 granted on Aug.6 PT&T’s request to exit from rehabilitation subject to compliance with certain requirements in line with the approved rehabilitation plan,” said Kenneth Joey Maceren, the company’s legal counsel.

PT&T sought an early exit from its court-assisted rehabilitation ahead of the scheduled 2025 deadline to allow it to raise the much-needed funds to support its bid to become the country’s third telco player.

An exit from from corporate rehabilitation will also allow PT&T to settle the claims of its various creditors and shift its focus on growing operations by investing in existing fixed broadband business and participating in the third telco bidding.

Please follow and like us:

Tags: , ,

Related Stories
Philippine Telegraph and Telephone Corp. is confident about its chances of bagging the third telco
Philippine Telegraph and Telephone Corp. has asked the Court of Appeals to nullify the National
Philippine Telegraph and Telephone Corp is setting aside P7 billion over next two years to
Philippine Telegraph and Telephone Corp. said it would pay all penalties imposed by the Philippine


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.