The company confirmed published reports that a settlement agreement was reached. READ:
Phoenix said in a disclosure to the stock exchange it had reached a settlement with Lucio Tan-owned Absolut Distillers Inc. and Asian Alcohol “based on an agreed and reasonable payment plan.”The notices of garnishment were served on Phoenix’s accounts with different banks in October for unpaid debts to Absolut amounting to P157 million.
The debt involves payment for bioethanol products supplied by Absolut from its bioethanol plant in Lian, Batangas and Asian Alcohol Corp.’s bioethanol plant in Negros Occidental.It said a notice for garnishment was also served at the Philippine Basketball Association office for Phoenix’s Super LPG Fuel Masters basketball team.
Phoenix said at that time it was in talks with creditors and lenders as it maintained “business-as-usual” operations.“We shall also maintain business-as-usual operations as we continue to serve customers,” it said. Phoenix is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services, convenience store retailing and trading and supply.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
International fiber optic cable lands in BatangasThe 9,400-kilometer underwater Asia Direct Cable “landed” in Nasugbu, Batangas on Friday, marking the first major development since PLDT Inc. announced the start of its construction last month. /PDI
Read more »
Batangas State University, Indian Maritime University boost ‘blue economy,’ seafaring engagement - BusinessMirrorPART of efforts in strengthening the bilateral engagement on the “blue economy” and maritime sectors between the Philippines and India, a memorandum of understanding (MOU) was signed between the Indian Maritime University (IMU) of Chennai and the Batangas State University (BatStateU). The MOU was signed by Dr. Malini V. Shankar, vice chancellor of the IMU
Read more »
School-based HPV Immunization Program kicks off in Sto. Tomas, Batangas - BusinessMirrorRepresentatives from the different stakeholders express their commitment to support health through the “Kalasag ng Kalusgan” Commitment Exercise that signifies the pledge of the local and national agencies as well as the community for strengthening the health shield through immunization. The local government of Sto. Tomas, Batangas represented by City Mayor Arth Jun Marasigan, Vice
Read more »
Take a glimpse of premium leisure living at Periveo Lipa City - BusinessMirrorGolden Home Realty, an HG-III Construction & Development Corp. affiliate, recently unveiled the three model house units of its Periveo project in Lipa City, Batangas. This 42-hectare development will offer modern contemporary homes with generous living spaces, a wide array of resort-style amenities, and future commercial features, all surrounded by nature. Periveo draws its name
Read more »
Coming out of its shell“It is an honor for an energy company like ours to be recognized among distinguished real estate developers,” said Pilipinas Shell vice president and general manager for mobility Randy Del Valle. READ:
Read more »
Big-time fuel price rollback seen on Tuesdayhttps://youtu.be/Ibl3Vut48Hc A rollback of up to P3.70 per liter in the prices of petroleum products is expected next week. Rodela Romero, assistant director of the Department of Energy’s
Read more »