In the Matter of the Petition for Declaration of Suspension of Payment, Formation and Appointment of a Rehabilitation Receiver/Committee and Approval of a Rehabilitation Plan

January 13, 2010SPECIAL HEARING PANELSEC CASE NO. 06-99-6340IN THE MATTER OF THE PETITION FOR DECLARATION OF SUSPENSION OF PAYMENT, FORMATION AND APPOINTMENT OF A REHABILITATION RECEIVER/COMMITTEE AND APPROVAL OF A REHABILITATION PLANUNIWIDE SALES INC., UNIWIDE HOLDINGS INC., NAIC RESOURCES AND DEVELOPMENT CORP., UNIWIDE SALES REALTY AND RESOURCES CORP., FIRST PARAGON CORPORATION., AND UNIWIDE SALES WAREHOUSE CLUB INC., petitioners.RESOLUTIONThis resolves the following: (1) Petitioners' Motion to Approve Revised Third Amendment to the Group Rehabilitation Plan (Revised TARP) dated 22 September 2008; (2) Motions of various parties to declare petitioners' rehabilitation plan "not feasible" and to terminate this rehabilitation case. 1Good Intention, Bad OutcomePetitioners are affiliate companies under the common ownership of the Gow family loosely called Uniwide Group of Companies. They are involved in retail business, real estate and franchising of Uniwide trade name.At the time of filing of this petition on 25 June 1999, petitioners operate eight warehouse clubs and two department stores, with total assets of PhP19.864 billion and total liabilities of PhP11.101 billion.Petitioners have ambitious goals in seeking rehabilitation — to fully pay...