Phoenix Petroleum Philippines Inc. said Friday the Regional Trial Court Branch 14 in Nasugbu, Batangas lifted the garnishment order against its assets.
Phoenix said in a disclosure to the stock exchange it had reached a settlement with Lucio Tan-owned Absolut Distillers Inc. and Asian Alcohol “based on an agreed and reasonable payment plan.”
The company confirmed published reports that a settlement agreement was reached.
The notices of garnishment were served on Phoenix’s accounts with different banks in October for unpaid debts to Absolut amounting to P157 million.
The debt involves payment for bioethanol products supplied by Absolut from its bioethanol plant in Lian, Batangas and Asian Alcohol Corp.’s bioethanol plant in Negros Occidental.
It said a notice for garnishment was also served at the Philippine Basketball Association office for Phoenix’s Super LPG Fuel Masters basketball team.
Phoenix said at that time it was in talks with creditors and lenders as it maintained “business-as-usual” operations.
The Batangas Regional Trial issued on Sept. 28 a writ of preliminary attachment against Phoenix.
“We shall also maintain business-as-usual operations as we continue to serve customers,” it said.
Phoenix is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services, convenience store retailing and trading and supply.