Phoenix says to settle debt payment issues ‘in the appropriate place’

Philstar.com

September 30, 2022 | 2:16 p.m.

MANILA, Philippines — Phoenix Petroleum Philippines Inc. said on Friday it would settle any debt payment issues “in the appropriate place” after a court slapped the company with an order freezing its bank accounts for a debt unpaid.

In a regulatory filing, Davao-based businessman Dennis Uy’s publicly traded oil company said it had not yet received a copy of the preliminary writ of seizure issued by Nasugbu Branch 14. , the Batangas Regional Court of First Instance, on September 28.

The court responded to a petition filed by Absolut Distillers Inc., led by Lucio Tan, which claimed that Phoenix had failed to settle debts amounting to 157 million pesos “despite numerous demands”. The debt arose from Phoenix’s non-payment for bioethanol products, Filipino Daily Researcher reported.

At the same time, the Batangas court also issued garnishment notices that freeze Phoenix’s bank accounts.

As of 1:55 p.m. Wednesday, Phoenix shares were down 13.63%.

“We at Phoenix are committed to protecting our rights and interests in the appropriate place and to assuring our stakeholders that we will continue our operations and bring value to our community,” the company said.

“Rest assured that we will properly handle the complaint once we officially receive them,” he added.

Last July, Udenna Corp., Uy’s holding company, avoided a massive default after settling debt incurred for its Clark project before the deadline.

De Uy’s group was too indebted when it faced a pandemic that tarnished the balance sheets of many of its businesses, including some it acquired during the rise to power of its friend, former president Rodrigo Duterte. . —Ian Nicolas Cigaral

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