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Banco de Oro set to gobble up Steel Corp. BLURBAL THRUSTS Louie Logarta 03/11/2010

Thursday, March 11, 2010


Banco de Oro set to gobble up Steel Corp.


BLURBAL THRUSTS
Louie Logarta
03/11/2010

Just what exactly is a “rehabilitation receiver” in relation to a distressed company?

Well, according to a corporate lawyer-friend of ours, this refers to someone appointed by the court whose main task is to devise and implement a recovery program with the objective of bringing a company in dire straits (read: financial difficulties) back to level ground. Normally, he is nominated by a creditor company who was responsible for the filing of a rehabilitation petition before a judge.

Which brings us now to the interesting case involving Steel Corp. of the Philippines (SCP) and Santiago Gabionza Jr. who, some three years ago, was reportedly designated by the Batangas City Regional Trial Court as its rehabilitation receiver upon the recommendation of Banco de Oro.... MORE


SourceThe Daily Tribune

ALTERNATE URL: http://www.tribune.net.ph/commentary/20100311com4.html

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