Lepanto Ceramics exits rehab

MANILA, Philippines - Lepanto Ceramics Inc. (LCI), an indirect subsidiary of listed firm Prime Orion Philippines Inc., has made its exit from court-assisted corporate rehabilitation.

In a disclosure to the local bourse, Prime Orion said LCI’s rehabilitation proceedings have been terminated after the court declared the rehabilitation successful.

The order was issued by Branch 34 of the Regional Trial Court of Calamba.

“ln the said order, the court declared as successful the rehabilitation of LCI pursuant to the approved third amended and restated rehabilitation plan, declared that LCI has already attained solvency, and granted LCI’s motion for termination of rehabilitation proceedings and declared the rehabilitation proceedings terminated,” Prime Orion said.

LCI sought a court reprieve on debt payments in 2011 to stem continuing losses and allow it to revive its business.

Through the rehabilitation program, LCI sought to ensure the continuing delivery of suppliers, rebuild its business by utilizing its cashflow directly for operations, and service the obligations with creditors.

Since its establishment on April 23, 1990, LCI has become the top manufacturer of ceramic floor and wall tiles for residential, commercial and industrial projects in the country under the brand Lepanto Tiles.

Formerly known as Guoco Ceramics Inc., LCI owns a manufacturing plant located on a 14.3-hectare property within the industrial city of Calamba, Laguna.

The company also has a network of over 300 national and regional distributors/dealers across Luzon, Visayas and Mindanao.

Aside from LCI, Prime Orion has interests in industries such as non-life insurance, real estate/property management, manufacturing, distribution, land titling, and information technology consulting services.