The Journal
Monday December 28, 1998
THE TASK force formed by the Securities and Exchange Commission to evaluate the rehabilitation plan submitted by the cash-strapped Philippine Airlines is expected to submit its findings and recommendation by January 7, according to Jaime Bautista, PAL Senior Vice President and Chief Finance Officer.
The SEC panel hearing the PAL case is composed of acting SEC chairman Fe Eloisa C. Gloria, lawyers Ysobel Yasay-Murillo and Josefina Pasay-Paz
.
The SEC convened the task force last June 19, 1998 to assist the hearing panel in the PAL, proceedings before the SEC securities investigation and clearing department.
The task force composed of Jesus Ulanday, Monolito Soller and Rosita Guerrero was ordered to study and analyze the rehabilitation plan.
Ulanday is the chief of the Field Audit & Analysis Division of the Examiners and Appraisers Department; Soller is a lawyer from the en banc division; and Guerrero, also a lawyer from the SICD.
Bautista said that PAL's creditors have asked several questions about PAL's rehabilitation program.
The query and clarification for the rehabilitation of the ailing airline company came mostly from creditor banks led by European Export Credit Agencies through French bank, Credit Agricole Indosuez.
Of the local bank creditors of PAL, PNB has the biggest exposure. Other local creditors are Allied Banking Corp., China Banking Corp, PCIBank, RCBC, Equitable Bank, Union Bank, Security Bank, Westmont Bank, International Exchange Bank, Banco de Oro, Urban Bank, Land Bank of the Philippines, UCPB, GSIS, and Bureau of Treasury.
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