Philrealty officially exits rehabilitation

Property developer Philippine Realty and Holdings Corp. (Philrealty) has officially exited a court-assisted corporate rehabilitation, becoming the first publicly listed company that was battered by the Asian financial crisis to graduate from court receivership.

In a disclosure to the Philippine Stock Exchange on Thursday, Philrealty said it had received from the Regional Trial Court of Quezon City the certificate of finality that approved the termination of its rehabilitation program.

“As recommended by the rehabilitation receiver, for its successful implementation of the court-approved rehabilitation plan, the petitioner’s motion to terminate rehabilitation proceeding on account of the successful implementation of the rehabilitation is hereby granted,” said the RTC certificate dated Jan. 4.

The court also thanked Philrealty’s rehabilitation receiver, Ricardo Ysmael, for leading the property developer to a successful rehabilitation.

Consequently, the PSE has agreed to remove Philrealty from its list of companies under corporate rehabilitation effective Feb. 3.