Makati court allows PT&T to exit rehabilitation
Manuel Zamora-led Philippine Telegraph and Telephone Corp. has made an early exit from corporate rehabilitation after a Makati court granted the cash-strapped firm?s petition.
“The Regional Trial Court of Makati City branch 66 granted on Aug.6 PT&T?s request to exit from rehabilitation subject to compliance with certain requirements in line with the approved rehabilitation plan,? said Kenneth Joey Maceren, the company?s legal counsel.
PT&T sought an early exit from its court-assisted rehabilitation ahead of the scheduled 2025 deadline to allow it to raise the much-needed funds to support its bid to become the country?s third telco player.
An exit from from corporate rehabilitation will also allow PT&T to settle the claims of its various creditors and shift its focus on growing operations by investing in existing fixed broadband business and participating in the third telco bidding.