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Wellex Industries Inc. stated that the rehabilitation file for its units had already been terminated due to the payment of the principal borrower to the Philippine National Bank.
Thus, the company will continue its agreements with a real estate developer.
"In this regard, the properties of its subsidiaries, marked by charges due to the existence of the judicial procedure of rehabilitation, will now be free of any privileges and charges," said the company
. the rehabilitation trial allowed the units of Wellex, a former plastics manufacturer, to continue its memorandum of understanding with Avida Land Inc., a unit of Ayala Land Inc.
"It should be noted the joint venture agreement with Avida Land has not been canceled.In fact, the end of the business of rehabilitation and the lifting of the annotations on the titles covering the properties of Plastic City are part of the company's responsibilities under the MOA with Avida Land, "said the company
. annotations related to congestion could be lifted, paving the way for real estate development.
"However, it is too early to comment on the financial impact of the Valenzuela project at this stage," he says.
Last week, his unit, Plastic City Industrial Corp., declared that his pardon file in Section 75 of the Valenzuela Regional Court of First Instance (RTC) had been closed and terminated due to the payment of debts.
Pacific Plastic Corp. and Kennex Container Corp. were used as collateral to obtain a third party loan. Plastic City, the company, has been shut down for a long time, but its units have rented its warehouses and other buildings.
In 2012, Wellex signed an agreement with Ayala Land to develop 16.7 hectares of land on its 50-hectare Plastic City. at Canumay, Valenzuela
Development will include office, residential and commercial components
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