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.