The Financial Rehabilitation & Insolvency Act of 2010 now governs corporate rehabilitation and insolvency in the Philippines. Prior to its enactment, corporate rehabilitation plan was governed by the Supreme Court’s interim rules on corporate rehabilitation. In 2006, we assisted Maynilad Water Services, Inc. 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.