Debt problem not affecting Nenaco operations — official

Negros Navigation Co. (Nenaco) which earlier filed for court rehabilitation announced yesterday that its operations remain largely unaffected despite moves by Tsuneishi Heavy Industries, a joint venture with the Aboitiz Group of Cebu, to seize its assets.

According to sources, Tsuneishi is being provided legal assistance by lawyers Thaddeus Alvizo, Amer Hussein Mambuay and other Aboitiz counsels from the Sycip, Salazar law firm. The lawyers were deputized by sheriff Art Cahigon of the Cebu Regional Trial Court yesterday.

"The fact that the same counsel who also represents various Aboitiz business interests is now acting – as deputized sheriffs moreover – on behalf of Tsuneishi should remove any question that Aboitiz itself is behind the move to seize our assets, cripple our business, and do disservice to thousands of ordinary traveling Filipinos," Nenaco president and CEO Conrado Carballo said.

Carballo added that all relevant government agencies, local port authorities, vessel captains, and port managers have been provided copies of Nenaco’s petition for rehabilitation as well as the stay order which aims to protect the sanctity of its assets and prevent the company from giving undue advantage to any individual creditor.

All Nenaco ports and vessels are on heightened alert for suspicious activity from anyone attempting to claim legal authority to seize its vessels. Ship departures and arrivals at Nenaco’s Pier 2 Terminal at Manila North Harbor continue without disruption, company officials said.

Last Monday, Manila Regional Trial Court judge Artemio Tipon issued a clarified stay order stating that its earlier stay order applies to all claims against Nenaco, whether in rem or in personam, due or not due.