MANILA - Animal feeds and livestock firm Vitarich has successfully exited the court-assisted corporate rehabilitation after applying for an early exit in 2014, the company said Monday.
The 54-year-old agri feeds and poultry business received the motion for successful exit from corporate rehabilitation by Branch 7 of the Bulacan Regional Trial Court on September 16, Vitarich told the stock exchange.
Vitarich was ordered to pay its obligation to unsecured creditor Petron within a period of one year as part of the requirements for the exit from the rehabilitation.
Vitarich entered a 15-year rehabilitation program in 2007 after accumulating P2.38 billion in debt to creditor Kormasinc.
Vitarich shares were up 1.52 percent to P2.67 after the announcement.