Phoenix Petroleum of Davao-based businessman Dennis Uy has reassured shareholders it remains focused on day-to-day business operations and that it continues to hold discussions with creditors and lenders.
The independent oil player has encountered difficulties paying its suppliers, particularly bioethanol manufacturers, citing the challenges it experienced starting in 2020 brought about by the pandemic.
Last week, Batangas Regional Trial court Judge Wilhelmina Go-Santiago issued on a writ of preliminary attachment on the assets of Phoenix Petroleum for its failure to pay P157.255 million worth of bioethanol (mixed with its gasoline sales) supplied by ultra bilyonaryo Lucio Tan’s Absolut Distillers.
In several disclosures to the Philippine Stock Exchange on Friday, Phoenix said the company has not officially received any legal notice pertaining to the matter.
“We continue to discuss with our creditors, and our commitment to our lenders and other stakeholders remain steadfast,” Phoenix said.
“We shall also maintain business-as-usual operations as we continue to serve customers,” it added.
Phoenix earlier assured that it is “working tirelessly” to deliver on its commitments to customers, partners, and stakeholders, and expressed optimism it would overcome the headwinds like the rest of the businesses in the country.