PhilRealty fails to get court OK to exit rehabilitation

ABS-CBN News

Posted at Nov 26 2012 04:51 PM | Updated as of Nov 27 2012 01:35 AM

MANILA, Philippines - A regional trial court has junked property developer Philippine Realty & Holdings Corp.'s move to exit corporate rehabilitation. 

In a disclosure to the stock exchange on Monday, PhilRealty president Amador Bacani said the Regional Trial Court of Quezon City Branch 93 denied its motion to terminate rehabilitation proceedings. 

"The court gave credence to the comment and recommendation of the Rehabilitation Receiver "that PRHC has still  substantial amount to pay  in  accordance with  court-approved rehabilitation plan  and the  terrrination  of the rehabilitation proceedings be deferred until petitioner has fully settled its obligations," PhilRealty said. 

PhilRealty said it will present a program to settle its remaining obligations to its rehabilitation receiver. 

Earlier, PhilRealty said it expects to sign a memorandum of understanding with its principal stockholder Greenhills Properties Inc. to develop the latter's property in Bonifacio Global City, Taguig, within the year.