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PBA, more banks served notices over Uy debt

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Garnishment notices were issued yesterday to the Philippine Basketball Association (PBA) as well as more depositary banks of Phoenix Petroleum in line with the complaint filed for the unpaid debt of the Dennis Uy-owned independent oil player.

The notices were issued by Edwin Vazquez, court sheriff of the Nasugbu, Batangas Regional Trial Court.

“The garnishment is hereby made upon all the monies, goods, effects, stocks, interest in stocks and shares and any other personal properties in your position or under your control belonging to Phoenix Petroleum,” the notice to the PBA stated.

Phoenix Petroleum owns a professional basketball team in the PBA called the Phoenix Super LPG Fuel Masters, which debuted in the league in 2016.

Aside from the PBA, notices of garnishment were also served to 17 more banks of Phoenix, according to Vazquez.

These include Robinson’s Savings bank, Asiatrust Bank, PS Bank, Security Bank, China Bank, RCBC, Philippine Veteran’s Bank, Malayan Bank and Planter’s Development Bank, among others.

Last Sept. 28, the writ of preliminary attachment was issued against Phoenix following a complaint filed by Lucio Tan-owned Absolut Distillers Inc. for the company’s unpaid debt worth P157 million.

Garnishment notices were also served on the depositary banks of Phoenix that include BDO Unibank, Philippine National Bank, Metrobank and BPI, simultaneous with the service of summons and writ of preliminary attachment.

Phoenix told the Philippine Stock Exchange last week that it continues discussions with its creditors and lenders, noting that its commitment to its lenders and other stakeholders “remains steadfast.”

“We shall also maintain business-as-usual operations as we continue to serve customers,” it said.

Phoenix earlier said it encountered difficulties paying its suppliers, particularly bioethanol manufacturers, following the challenges it experienced by beginning in 2020 during the slowdown in the economy brought about by the pandemic.

DENNIS UY

PBA

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