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November 21, 2007 |
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STENIEL MFG: Unit Files for Rehabilitation Before Cavite Court A subsidiary of Steniel Manufacturing Corp. has filed for corporate rehabilitation with the Regional Trial Court of Imus Cavite. According to a disclosure with the Philippine Stock Exchange, Steniel Cavite Packaging Corp. filed on November 16 a petition for rehabilitation before the Imus RTC. Cavite, Philippines-based Steniel Manufacturing Corporation -- http://www.steniel.com/ -- was incorporated in 1963 primarily to engage in manufacturing, processing, and selling all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes. The company and its subsidiaries have established a strong foothold in the packaging industry by offering a broad line of packaging products from corrugated carton boxes to paper, plastic containers, and flexible packaging. STN stands as the single largest independent manufacturer of corrugated fibreboard containers in the Philippines. About 99% of its revenues come from the corrugated packaging business while the remaining 1% is from rigid plastics. * * * Steniel Manufacturing did not meet its maturing obligations due as of December 31, 2005, to certain lender banks. The company failed to meet its quarterly principal amortizations and interest payments since March 2004. The creditor banks declared the company in default on May 24, 2006. The company is currently negotiating with the lender banks for the rescheduling of its long-term debts. The company has incurred net losses of PHP178.23 million, PHP185.15 million and PHP138.82 million for the years ending Dec. 31, 2006, 2005 and 2004, respectively. |
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