For the information of interested parties, we provide the following updates:
• The Rehabilitation Receiver (Atty. Aris Gulapa of Gulapa Law Office) took his oath of office before, and submitted his bond to, the Regional Trial Court of Ormoc City, Branch 12 (“Court”) on October 18, 2016.
• The Preliminary Registry of Claims was prepared and submitted to the Court on November 14, 2016.
• The Notice to Stakeholders for the public inspection of the Preliminary Registry of Claims was published once a week for two consecutive weeks in Daily Tribune on November 14, 2016 and November 21, 2016 as mandated by Section 44 of the Financial Rehabilitation Rules of Procedure.
• The inspection of the Preliminary Registry of Claims, as stated in the published Notice to Stakeholders, was conducted from November 22 to December 6, 2016 at the Rehabilitation Receiver’s Room, 5th floor, High Rise Section, Pacific Star Bldg., Sen. Gil Puyat Ave., Salcedo Village, Makati.
• The debtor, creditors, stakeholders, and other interested parties have thirty (30) days from the expiration of the inspection period, or until January 6, 2017, to submit a challenge to any claim set out in the Preliminary Registry of Claims.
• On January 17, 2017, the Eighteenth Division of the Court of Appeals issued a Resolution declaring its Decision dated July 21, 2016 final and executory. The July 21 Decision orders the transfer of jurisdiction over the rehabilitation case from Branch 12 of the Regional Trial Court of Ormoc City to Branch 8 of the Regional Trial Court of Tacloban City.
• On March 28, 2017, Branch 8 of the Regional Trial Court of Tacloban (the “Rehabilitation Court”) issued an Order informing the parties to disregard the notice setting a hearing on April 21, 2017. To give the presiding judge time to familiarize himself with the case, the next hearing has been reset to June 27, 2017 at 8:30 a.m.
• During the June 27, 2017 hearing, the Rehabilitation Court granted all the other creditors fifteen (15) days to file their respective challenges to the Preliminary Registry of Claims. The Rehabilitation Receiver was also given a fifteen- (15)-day period after the expiration of the period to file the challenges within which to submit the Final Registry of Claims.
• Due to the limitations of this website, electronic copies of the Preliminary Registry of Claims will be sent through e-mail to interested creditors and/or stakeholders. Kindly e-mail your requests for an electronic copy of the Preliminary Registry of Claims to dake.mandocdoc@gulapalaw.com or janine.mesina@gulapalaw.com.
• On July 27, 2017, the Rehabilitation Receiver submitted to the Rehabilitation Court the Registry of Claims pursuant to Section 45 of FRIA, Rule 2, Section 45 of the FRIA Rules, and the Rehabilitation Court’s Order dated June 27, 2017.
Pursuant to the Rehabilitation Court’s directive during the June 27, 2017 hearing, copies of the Submission, together with the Registry of Claims, were also sent through registered mail to the debtor and all creditors who filed their respective Notices of Claims and/or Challenges to the Preliminary Registry. In the interest of time, interested parties may send email requests for an electronic copy of the Registry of Claims to dake.mandocdoc@gulapalaw.com or janine.mesina@gulapalaw.com.
• On September 15, 2017, the Rehabilitation Court issued an Order resolving to give due course to the Petition upon finding that there is a substantial likelihood for Philphos to be rehabilitated. The Rehabilitation Court also directed the Rehabilitation Receiver to meet with Philphos and all the classes of creditors.
• On October 5, 2017, the Rehabilitation Court issued an Order directing the Rehabilitation Receiver to conduct a meeting with Philphos and all classes of creditors on October 20, 2017 at 10:00 AM at Justitia Room, 4th Flr., Ateneo Professional Schools Building, 20 Rockwell Drive, Rockwell Center, Makati City. Pursuant to the Order, the Rehabilitation Receiver caused its publication in the October 6, 2017 issue of the Daily Tribune. A copy of the Order will also be published on October 13, 2017.
The rehabilitation plan will be presented during the October 20, 2017 meeting. In the same meeting, the Rehabilitation Receiver will take the opportunity to schedule separate meetings (individual and otherwise) with the creditors to take their views, proposals, and comments on the rehabilitation plan.
• On October 20, 2017, the Rehabilitation Receiver held a meeting with the creditors of Philphos pursuant to the Order dated October 5, 2017 of the Rehabilitation Court. In the meeting, the Rehabilitation Receiver informed the creditors of their right to organize a creditors’ committee for purposes of liaising with him. Creditors can submit their vote on the creation of a creditors’ committee until November 3, 2017. Votes may be sent to glaw@gulapalaw.com, together with the proof of authority to cast the said vote.
Further, the Rehabilitation Receiver is allowing the creditors to schedule one-on-one meetings with him to discuss their comments on the original rehabilitation plan. Please call 02-960-2845 and look for Phil Recentes to schedule a meeting. Creditors may reiterate their existing, or provide additional, comment on the rehabilitation plan by emailing the same to glaw@gulapalaw.com on or before October 27, 2017.
• Results of Voting to Create a Creditors’ Committee: After tallying the votes, less than a majority of all the claims reflected in the Amended and Final Registry of Claims of Philphos as of September 2, 2017 voted in favor of the organization of a creditors’ committee. Pursuant to Rule 2, Section 39 of the FRIA Rules, the required vote was thus not obtained. The total of the tabulation may be inspected at the Rehabilitation Receiver’s office upon request.
• Conduct of One on One Meetings: From November 9, 2017 to November 23, 2017, the Rehabilitation Receiver conducted one on one meetings with the creditors (who attended the creditors’ general meeting last October 20 and who signed up for the one on one meetings).
• Announcement on the Examination of the Revised Rehabilitation Plan: Pursuant to Section 64 of FRIA and Rule 2, Section 62 of the FRIA Rules, please be advised that the revised Rehabilitation Plan for Case No. R-TAC-17-00328-SP is ready for the examination by creditors and stakeholders of Philphos. It is available for examination from December 1 to 11, 2017 from 9:00 a.m. to 5:00 p.m. at the Rehabilitation Receiver’s office at Unit 12-A, 12th F, Marco Polo Ortigas Manila, Sapphire Rd., Ortigas Center, Pasig City (“Receiver’s Address”). Please call 02-960-2845 and look for Mau Macaraeg/Phil Recentes or email glaw@gulapalaw.com to schedule the examination.
• On December 8, 2017, the Rehabilitation Receiver filed a Motion for Extension of the Period to Submit Revised Rehabilitation Plan (the “Motion for Extension”) due to the request of several creditors to defer the submission of their respective votes on the Revised Rehabilitation Plan in view of their need for more time to: (1) obtain the requisite authority to vote or (2) examine the Revised Rehabilitation Plan.
• A Notice to Stakeholders was published on the January 16, 2018 issue of The Daily Tribune notifying the public that the convention of creditors for the purpose of voting on the Revised Rehabilitation Plan was moved to February 5, 2018 to be held at the Justitia Hall, Ateneo de Manila University School of Law, Rockwell Center, Makati City from 9:00 a.m. to 11:00 a.m. Creditors were also allowed to cast their votes by mail, electronic mail, up to February 5, 2018 until 11:00 a.m.
• On February 5, 2018, the Rehabilitation Receiver convened the creditors of Philphos. Votes cast in person and by electronic mail within the time specified in the Notice to Stakeholders were considered. Majority of unsecured creditors, specifically 62.8959% thereof, voted for the approval of the Revised Rehabilitation Plan. Of the secured creditors, only 25.59% voted to approve the Revised Rehabilitation Plan. The Rehabilitation Receiver informed the Rehabilitation Court of the results through his Submission dated February 6, 2018. Creditors and other stakeholders were likewise informed of the results through electronic mail on the same date.
• On February 19, 2018, Philphos filed a motion for the confirmation of the New Revised Rehabilitation Plan pursuant to Section 64 of the FRIA (“Motion to Confirm”). Prior to filing the same, the Rehabilitation Receiver reviewed the New Revised Rehabilitation Plan and decided to recommend the same for confirmation by the Rehabilitation Court. The Rehabilitation Receiver’s recommendation is contained in the Rehabilitation Receiver’s Report and Recommendation for the Confirmation of the New Rehabilitation Plan of Philphos dated 6 February 2018 (the “Report”). The Rehabilitation Receiver furnished Philphos a copy of the Report on February 15, 2018.
• On February 21, 2018, The Rehabilitation Receiver filed a Manifestation of even date to manifest that he furnished Philphos a copy of the Report. The Report contained the Rehabilitation Receiver’s recommendation for purposes of confirmation of the New Revised Rehabilitation Plan.
• Thereafter, on February 23, 2018, a scanned copy of the Motion to Confirm and the Report were furnished to creditors via electronic mail.
• Confirmation of the New Revised Rehabilitation Plan of Philphos: The Rehabilitation Court, in an Order dated April 16, 2018 (the “Order”), granted Philphos’s Motion to Confirm and confirmed the New Revised Rehabilitation Plan. The dispositive portion of the Order reads:
WHEREFORE, premises considered, this Court resolves to GRANT petitioner’s Motion to Confirm dated February 15, 2018, and so hereby CONFIRMS the New Revised Rehabilitation Plan dated February 6, 2018.
Notice: The Rehabilitation Receiver has filed, on October 7, 2016, a Notice of Change of Address with the Rehabilitation Court. Thus, please send all pleadings, notices, orders, resolutions, and other papers intended for him shall to the following address:
Gulapa Law Office, Unit 12-A, 12/F Marco Polo Ortigas Manila, Sapphire Road Ortigas Center Pasig City 1605