PHILIPPINES: Victorias Milling may face liquidation in SEC compromise ultimatum
Victorias Milling Co (VMC) future looks uncertain after the Securities and Exchange Commission (SEC) revealed that it is considering ordering the liquidation of the troubled company over the managements delayed completion of a rehabilitations case that is already four years old. SEC has offered the company an ultimatum designed to resolve the arguments over an alternative rehabilitation plan (ARP) proposed by VMC's SEC-appointed management committee (mancom) and the company's management led by Manuel Manalac. Manalac has even submitted his resignation from VMC management following the difficulties in compromise.
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