Publicly-listed Philippine Telegraph & Telephone Corp. on Wednesday said it plans to exit from the court-assisted corporate rehabilitation program ahead of the scheduled 2025 deadline.
“The exit from rehab is well within the plan of our new shareholders and another proof point that PT&T is serious in it’s intention to be a major player in the Philippines telecommunications industry,” PT&T president and chief executive James Velasquez said.
PT&T, which was established in 1962, sought the permission of the Regional Trial Court of Makati City, Branch 66 on July 30 to exit from rehabilitation “subject to compliance with requirements in line with the approved Rehabilitation Plan.”
Part of the compliance is for the company to conduct a stockholders’ meeting to increase its authorized capital stock, which will allow PT&T to pay debts through a debt-to-equity conversion as mandated by the approved rehabilitation plan. PT&T’s annual stockholders’ meeting is scheduled on September 14, 2018.
