Vitarich Plans Comeback and Debts Settlement07 July 2014
PHILIPPINES – Feed and poultry company Vitarich Corp is confident of settling debts and reviving its agri-business.
The turnaround first requires the company to exit from corporate rehabilitation in September this year, eight years ahead of the deadline, ABS-CBN news reports.
Funds were acquired with the sale of the Bulacan plant at Marilao for housing. This helped to clear some debt, which stood at P800 million last year.
Vitarich executive vice president and chief operating office Ricardo Sarmiento told ABS-CBN that clearing the ‘stench’ of rehabilitation will provide customers with confidence.
“We are very excited, especially coming from seven years of under receivership,” said Mr Sarmiento. “Business partners and even banks will be interested now, so it really opens all our doors.
Furthermore, backing from creditor Kormasinc has allowed restructuring of 2.38 milloin of Vitarich’s debt to be converted into equity.
Summarising the effect of money from the Bulacan sale and Kormasinc’s help, Mr Sarmiento said: “We will be relaunching our core products and our food products starting with our Golden Dory line, which is scheduled to be launched on September.”
ThePoultrySite News Desk