The firm has extensive experience in corporate reorganization, such as restructuring and rehabilitation, whether involving domestic or foreign corporations. We assist clients in all aspects of the transaction, from the crafting of an optimal corporate restructuring and reorganization plan that would meet the client’s objectives, the drafting of all transaction documents, to achieving completion under the plan in accordance with all legal (including tax) requirements. In 2005, we assisted a Philippine corporation in successfully completing its international corporate restructuring and an acquisition transaction whereby a foreign company acquired a significant stake in such Philippine corporation’s parent company. We handled several other corporate reorganization transactions that involved companies in the Philippines, Brazil, India, Singapore and the British Virgin Islands.
The Financial Rehabilitation & Insolvency Act of 2010 now governs corporate rehabilitation and insolvency in the Philippines. Prior to its passage, corporate rehabilitation plan was governed by the Supreme Court’s interim rules on corporate rehabilitation. In 2006, we assisted Maynilad in implementing its court-approved corporate rehabilitation, involving the restructuring of both its debt and capital. We drafted and reviewed vital documents for the purpose, liaised with both local and foreign lenders, shareholders and government representatives, and procured all approvals, governmental or otherwise (including rulings from the rehabilitation court), necessary to achieve the plan’s milestones. We crafted and successfully implemented the rehabilitation exit plan for the company for a record 6 months in February 2008, the first in Philippine history.