"The foreclosure ordered by government is a sure-fire formula to try down the assets of the NSC for at least one-year from actual foreclosure because of the one year redemption period," Simplicio H. Villarta, National Steel Labor Union president said.
Foreclosure would in no way lead to the immediate reopening of the plant, he added.
"What would become of NSC’s assets and the livelihood of the displaced NSC workers?," Villarta said.
Villarta also questioned the legality or at least the propriety of the government as the owner of NSC in ordering the foreclosure of NSC assets by the creditors.
The National Government, through the National Development Co., still owns 12.5 percent of NSC.
Villarta asked "why will the owners allow the foreclosure of his assets, especially when there is a standing and viable offer to rehabilitate and commercially operate that assets?"
Villarta said that NSC workers should also be considered as creditors of NSC " because we have claims against the company amounting to about P750 million."