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Thursday, May 23, 2024

Phoenix PBA bond under garnishment

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A Batangas court issued several notices of garnishment on the assets of Phoenix Petroleum Philippines including its Philippine Basketball Association bond over alleged unsettled debt.

The notices of garnishment were served on Phoenix Petroleum Philippines’ accounts with different banks for alleged unpaid debt to Absolut Distillers Inc., a company led by tycoon Lucio Tan amounting to P157 million.

These included a notice for garnishment on Phoenix’s Super LPG Fuel Masters bond at the PBA.

Phoenix officials did not issue comment as of press time. The company said earlier it was in talks with creditors and lenders as it maintained “business-as-usual” operations.

The Batangas Regional Trial issued on Sept. 28 a writ of preliminary attachment against Phoenix, a company owned by businessman Dennis Uy 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.

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