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Monday, May 20, 2024

Phoenix Petroleum in talks with creditors

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Phoenix Petroleum Philippines said over the weekend it is in talks with creditors and lenders as it maintains “business-as-usual” operations.

Phoenix senior vice president for external affairs Raymond Zorrilla said the company issued a statement to the stock exchange in response to reports that a Batangas court ruled in favor of Absolut Distillers Inc., a company led by tycoon Lucio Tan, over the collection of P157-million debt from the petroleum company led by businessman Dennis Uy.

The company said it had not officially received any legal notice about the case over the alleged unpaid debt.

The Batangas Regional Trial issued on Sept. 28 a writ of preliminary attachment against Phoenix for its alleged failure to pay P157.255 million worth of bioethanol products supplied by Absolut Distillers.

Asian Alcohol Corp., the second largest distillery based in Negros Occidental and a sister company of Absolut Distillery, also filed a case against Phoenix over the collection of P127 million, including P89-million principal debt and interest.

“Notwithstanding such reports, we continue to discuss with our creditors, and our commitment to our lenders and other stakeholders remain steadfast,” Phoenix Petroleum said.

“We shall also maintain business-as-usual operations as we continue to serve customers,” it said.

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