Philippine Telegraph and Telephone Corp. (PT&T), the former telco giant that fell on hard times but is now vying to become the country’s third major player under a new set of owners, is moving to save a rehabilitation plan implemented in 2011.
This came after creditors holding about P12.4 billion of PT&T’s debts succeeded in convincing the Court of Appeals last year to dismiss the company’s petition for rehabilitation, arguing that the plan was not viable and was thus “almost impossible to implement.” Another option, they said, was to liquidate PT&T’s assets.
In a disclosure to the Philippine Stock Exchange on Wednesday, PT&T said it filed an appeal before the Supreme Court (SC) in a bid to reverse the appellate court’s decision.

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