By Doris C. Dumlao
The Philippine Stock Exchange is proposing an overhaul of guidelines governing companies under financial distress or corporate rehabilitation to include “red alerts” prior to actual bankruptcy, aiming to better protect minority investors who can otherwise get stuck with an illiquid insolvent investment.
Struggling photo pioneer Eastman Kodak Co. will get loans worth $830 million in a new financing package that replaces a $793 million deal.
Japan Airlines, which just two and a half years ago went bankrupt in one of the country’s worst corporate failures, said Thursday first-quarter net profit more than doubled to 26.9 billion yen ($342.75 million).
The century-old photography trailblazer Eastman Kodak has filed a request to pull its name from the Los Angeles theater hosting the Oscars as part of bankruptcy proceedings launched last month.
Eastman Kodak, the company which brought photography to the masses a century ago, faces a gloomy future amid new reports that it is on the edge of bankruptcy.
By Ronnel W. Domingo
The Philippine Depository Insurance Corp. (PDIC) is calling over 25,000 depositors of the shuttered Banco Filipino Savings and Mortgage Bank, who have P10,000 or less in deposits, to file their claims with the PDIC because their information with the bank has been found to be incomplete and the agency has no way of reaching them.
By Michelle V. Remo
MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) has announced it will begin servicing deposit insurance claims of medium to big clients of the recently closed Banco Filipino Savings & Mortgage Bank starting June 15. In a statement, PDIC states that it expects to complete claims settlement for about two months, or from June [...]
By Tetch Torres
MANILA, Philippines—The Department of Justice (DoJ) already summoned officials of the Bangko Sentral ng Pilipinas (BSP) and the Banco Filipino Savings and Mortgage Bank for a preliminary investigation on counter charges filed against each other due to the bank’s closure in March. Ordered to appear at the DoJ on May 5 are BSP Governor Amando [...]