Copyright 2000 AFX News Limited  

AFX - Asia

June 13, 2000 Tuesday

HEADLINE: Equitable PCIBank favors Victorias receiver alternative rehab plan

DATELINE: MANILA

Equitable PCI Bank said it has no objection to the alternative rehabilitation plan proposed by the management committee of Victorias Milling Co.

In a statement to the Securities and Exchange Commission, Equitable PCI Bank, one of Victorias Milling's creditors, however said a professional management team acceptable to secured creditors must be in place within 120 days from the SEC's approval of the alternative rehabilitation plan.

The bank said an infusion of 300 mln in cash by the secured creditors or by the acceptable joint venture partner solicited by these secured creditors must be accomplished also within 120 days from the SEC's approval.

If the two conditions are not met, Equitable PCIBank said Victorias Milling should be dissolved since any further rehabilitation efforts would only prove futile.