Liberty Telecoms completes rehabilitation program

MANILA, Philippines - Liberty Telecoms Holdings Inc. said it has completed its rehabilitation program 20 months ahead of schedule.

In a disclosure to the stock exchange, Liberty Telecoms said a Makati City regional trial court has issued an order closing and terminating the rehabilitation proceedings of the Liberty group.

Liberty Telecoms is a listed company owned by San Miguel Corp. and Qatar Telecom.

"The company received a copy of the order of the regional trial court closing and terminating the rehabilitation proceedings involving the company and its subsidiaries, wi-tribe Telecoms Inc. and Skyphone Logistics Inc., as the approved rehabilitation plan has been fully implemented," Liberty Telecoms said.

The court order, issued last Mary 12, was received by the company on May 15.

In the order, Makati City regional trial court Branch 149 judge Cesar Untalan said rehabilitation receiver Monico Jacob last May 8 filed a recommendation to terminate rehabilitation proceedings of the Liberty Group, stating the objectives of the rehabilitation have been successfully met.
 
"Finding the recommendation of the rehabilitation receiver to be with merit, the same is approved and this court would like to extend its great appreciation to him. Wherefore, the instant rehabilitation proceedings is closed and terminated,” Untalan said in the order.

Liberty Group was placed under corporate rehabilitation and debt restructuring after it suspended its operations in April 2005 after it lacked capital to continue operations.

Under the court-approved rehab plan, Liberty Group was originally scheduled to exit rehabilitation in December 2016.