PT&T CORP. said its board of directors has approved amendments to its rehabilitation plan to address the company’s remaining obligations.
In a regulatory filing on Thursday, the company said the board authorized management to prepare and finalize the proposed changes and file them for approval with the rehabilitation court.
According to a 2024 regulatory filing, the company’s rehabilitation plan, which was approved in 2011, includes debt-to-equity conversion, measures to address capital deficiency, and debtor-in-possession financing.
Last month, PT&T said its board approved the appointment of Jeffrey E. Julian as acting president, replacing Angel S. Mercado, who stepped down on Feb. 15 for personal reasons. Mr. Mercado had served as acting president, chief revenue officer, and senior vice-president.
The company said it is working to complete requirements for its return to trading at the Philippine Stock Exchange.
PT&T, which was incorporated in 1962, provides services to corporate, small and medium enterprises, and residential customers.
The company was listed in 1990 but requested a voluntary trading suspension in December 2004 after failing to meet the local bourse’s reportorial requirements and facing financial challenges.
In 2024, PT&T said it was pursuing its return to trading after reporting improved performance in 2023.
The Securities and Exchange Commission in November 2023 approved an increase in PT&T’s authorized capital stock to P12.6 billion from P3.8 billion, allowing it to facilitate a debt-to-equity conversion of P8.9 billion, according to the company’s website. — Ashley Erika O. Jose
