PHILIPPINES: VMC creditors respond to SEC liquidation threat
Owners of the struggling sugar mill have been debating the draft plan with banks for some time, but have failed to reach a compromise deal.
Gerardo B. Anonas, chairman of the VMC management committee designed to oversee rehabilitation, commented that liquidation is "not a possibility at this point because there is an existing approved rehabilitation plan. Under this plan, the creditor banks will soon own 70% of VMC's equity so they will see to it that liquidation will be avoided."
To read about the SEC threat, click
- Danone's Q1: four things to learn
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- Nestle Q1 update: four things to learn
- Opinion: Big Food needs to think radically
- Nestle to cut UK confectionery jobs
- PepsiCo affirms full-year target as Q1 hits mark
- Tyson to buy burger-to-entree firm AdvancePierre
- Tyson shops Sara Lee bakery, Kettle and Van's
- TreeHouse Foods sells soup, baby food units