Copyright 2000 AFX News Limited
AFX - Asia
June 5, 2000 Monday
SECTION: COMPANY NEWS
LENGTH: 190 words
HEADLINE: ASB Group creditors ask SEC to reconsider debt
payment reprieve, receiver
DATELINE: MANILA
BODY:
Seven creditors of the privately-owned ASB Group of Companies
have asked the Securities and Exchange Commission to reconsider its decision
granting ASB debt payment reprieve and appointing a receiver.
The Metropolitan Bank and Trust Co, Rizal Commercial Banking Corp, Philippine
National Bank, Prudential Bank, Union Bank of the Philippines, United
Coconut Planters Bank and Equitable PCI Bank have submitted their opposition,
asking that the SEC set aside its May 4 order.
On that date, the SEC granted the ASB Group a 60-day reprieve for debt repayment
and prevented the property firm from disposing of its assets. ASB has loans
totalling 12.7 bln pesos.
The regulatory body also agreed to the firm's petition to appoint an interim
receiver.
The creditors said the ASB Group "possesses sufficient property to cover its
obligations" and that its petition therefore is insufficient.
The creditors added that the ASB Group's interim rehabilitation plan is "defective"
and "at best, vague with ill-defined objectives."