2022-11-24 18:12:00

BIZ BUZZ: Phoenix, Lucio Tan units settle dispute

Logo Inquirer.net
Inquirer.net
By Philippine Daily Inquirer

After months of legal wrangling, the Lucio Tan group has entered into an amicable settlement with Phoenix Petroleum Philippines Inc., giving the petroleum product distribution company led by Davao-based Dennis Uy conducive space to continue its operations.

To recall, Absolut Distillers Inc. (ADI) and Asian Alcohol Corp.(AAC), both LT Group affiliates, had complained to the courts about the supposed failure of Phoenix to pay its bill running to almost P160 million despite numerous demands, leading to the issuance of a writ of preliminary attachment by a Batangas court.

With the writ came garnishment notices served on Phoenixs depository banks which had the effect of freezing the accounts of Phoenix, thus preventing it from withdrawing any cash.

But alls well that ends well as ADI and AAC have accepted Phoenixs reasonable payment plan, and thus agreed to withdraw cases pending in courts.

This way, Phoenix can comply with its commitments under the payment plan and address its obligations to other creditors.

Continue read on inquirer.net

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-11-13 18:04:00
For several weeks now, some dedicated critics of San Miguel Corp.with sub rosa links to a rival group, were toldhave been pounding on the alleged financial...

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-11-06 18:08:00
Big consumers of electricity in Metro Manila and nearby provinces such as manufacturing companies are up in arms over the sudden and significant increase in...

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-11-08 18:08:00
The recent shock announcementalbeit an unofficial onethat newly appointed Manila International Airport Authority general manager Cesar Chiong would be...

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-11-17 18:22:00
The management of National Grid Corp. of the Philippines (NGCP) cant help but feel embattled nowadays, especially with the new set of leaders of the Energy...

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-11-13 18:03:00
Business tycoon Lucio Cos retail and liquor businesses weathered mounting cost challenges in the January to September period as profits rose following moves...

Logo The Business Journals
Business / Finance2022-11-07 13:58:54
Venice, FL A local and women-owned, Mia Bella Co

Logo Inquirer.net
Business / FinanceBy Philippine Daily Inquirer2022-10-27 18:20:00
The Philippine Offshore Gaming Operators (Pogo) industry has critics aplenty, and almost all of them have their platforms and bully pulpits from which to...

Logo PR Newswire
NEWARK, Calif., Nov. 8, 2022 /PRNewswire/ -- Lucid Group, Inc. (Nasdaq: LCID; "Lucid") announced today that it has entered into an "at-the-market" program...

Logo GlobeNewswire
TechnologyPress Release2022-10-27 15:52:00
FT. LAUDERDALE, Fla., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. ("AHIX") ("Aluf") (OTC PINK: AHIX) is a holding company engaged in acquiring,...

Logo NewsFileCorp
Press Release2022-11-03 14:41:00
Toronto, Ontario--(Newsfile Corp. - November 3, 2022) - Pima Zinc Corp. (OTC Pink: RAEWF) (the " Company ") announces that it has entered into an amending...

Logo GlobeNewswire
TechnologyPress Release2022-11-03 11:12:00
FT. LAUDERDALE, Fla., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. ("AHIX") ("Aluf") (OTC PINK: AHIX) a holding company engaged in acquiring,...

Logo PR Newswire
NEW YORK, Nov. 2, 2022 /PRNewswire/ -- Revere Securities is pleased to announce the $23.5 Million acquisition of Infusionz, a wholly owned subsidiary of...

Logo The Business Journals
Technology2022-11-18 18:33:05
Austin, TX - UBEO Business Services (UBEO), one

Logo GlobeNewswire
Sydney, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Proactive, provider of real-time news and video interviews on growth companies listed in Australia, has covered the...

Logo NewsFileCorp
Press Release2022-11-01 13:21:00
Toronto, Ontario--(Newsfile Corp. - November 1, 2022) - Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) (" Pasofino " or the " Company ") is...

Logo Benzinga
Business / FinanceBy Business Wire2022-11-17 21:14:00
Rio Tinto has carefully considered the concerns raised by minority shareholders of Turquoise Hill Resources Ltd. (Turquoise Hill) in relation to the dissent...

Logo PR Newswire
GRAND PRAIRIE, AB, Nov. 7, 2022 /CNW/ - Phoenix Asset Holdings Inc., parent of Phoenix Energy Services Inc., ( Phoenix ) has completed the share purchase of...

Logo PR Newswire
NEW YORK, Nov. 17, 2022 /PRNewswire/ -- Purcell & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is...

Logo Nasdaq
TechnologyBy Zacks2022-11-15 11:03:00
For Immediate Release Chicago, IL November 15, 2022 Today, Zacks Equity Research discusses Targa Resources TRGP, Calumet Specialty Products Partners CLMT,...

Logo PR Newswire
AutoPress Release2022-11-02 13:00:00
CHENGDU, China, Nov. 2, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company...