VICTORIAS..MILLING COMPANY, INC. V1CMICO Compound. Victorias City,Negros Occidental Tel. No_(034) 399-3380; Fax No. (034) 399-3675
November 15,2012
THE DISCLOSURE DEPARTMENT The Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City
Attention: MS. JANET A. ENCARNACION Head, Disclosure Department
Gentlemen:
Attached is a copy of the Manifestation and Motion dated 12 November 2012 filed by Gabionza De Santos and Partners with the Securities and Exchange Commission, in behalf of Victorias Milling Company, Inc.
Thank you.
Very truly yours,
EVj{A. VICENYtO-RODRIGU pliance%lnformation Officer ; ;;
" iREPUlBUC OF THE PiI-llUPPilfllES SECUiRnJESA!MtD EXCHANGE COMMISSJON
• ' . SEC Bldg." E~SA, Gri?eTl:hjIJs, Mamlaluyonfj City i>f nftS)
IN TiHIE MA1TER OF THE PElITION , ~ . , ~~':¥~ FOR DECLARATION OF A. STATE Of . ~: \ l:..L2 : ' \ ~~ ! i!-'- \ 1 ~ \ 1 SUSPENSION OF PAYMB':IT; fOR l'l ," " >'''12 1\\ THE APPROVAL OF A i: :;~! , .' :.u, \\' \ R.E.H.AS. JUT.A.TION PLAN, AND THE . trlS'3~")U L..::.l.!-~ APpm~TlIVlENT Of A MANAGEMENT -~-;, W'" COMMJnEE,. .
SEC CASE NO.'07-97-5
VICTORJASfit,ILUNG COJVJPANY, INC. Petiiioner: ~------~
. , ~ MANifESTATION AtW MOTION
PETUlONER VICTORIAS MlLlING COMPANY, INC. r VMC"), in
the above-errlitled case, by its undersigned counsel, 10 this Honorable
Commission respectfully manifests thaI there was one {'I) Board seat
previously reserved lOT the Joinl Venture Partner under the Approved - RehabmtBt~on Plans r AiR?"), particularly the Proposed Alternative I Rehabiliiafion Plan, and the Debt Restructuring Agreement ("DHA") and \formerly occupied by the nominee of Tanduay Holdings, Inc ("THl") as a I conseqeeoceot its IT nfLlslon of the amount of Three Hundred Milljon Pesos
(,R300;OOO,OOO.OD) into. VMC !lIhro'l.Jghi a :fivr: (5)·year term loan. This term
loan has been 1fllllly paid on 08 April 2008. Consequently, the Board seat
reserved for the joint Venture Partner under Par! IV(4) of the Proposed
Alternative Reihabilitajjo.l~ Plan has become functus officio.
~ ...:-- :.~. I I Under Part IV(4) of the Proposed Alternative Rehabilitation Plan, the seat allocation for the Board of Directors are as follows :
Existing VMC Shareholder 3 seats Secured Creditors 1 seat Creditors with Debt Conversion 6 seats Joint Venture Partner 1 seat
Accordingly, with the seat for the Joint Venture Partner being functus officio, it is respectfully moved that this Honorable Commission allow petitioner VMC to have the same seat allocated as an additional seat for
Creditors with Debt Conversion, as follows:
Existing VMC Shareholder 3 seats Secured Creditors 1 seat Creditors with Debt Conversion 7 seats and, consequently. authorize the amendment of the ARP, and Section 21 of the ORA, as follows:
"Section 21
COMPOSITION OF THE BOARD OF DIRECTORS
VMC hereby undertakes to the SECURED CREDITORS and UNSECURED CREDITORS that immediately after VMC has secured the approval of the SEC for reduction of capital stock, increase of capital stock, and exemption from registration requirements under the Revised Securities Act for the issuance of shares under the capital infusion feature of the Approved Rehabilitation Plan,VMC shall immediately call a special stockholders' meeting for purposes of electing the new Board of Directors of VMC . which must be composed of eleven (11) members representing the following interests in VMC , to wit -
VMC's existing stockho lders - Three (3) Directors Secured Creditors -One (1) Director Unsecured Creditors -Seven (7) Directors
2 While the Secured Loans are outstanding, all parties agree that the Secured Creditors shall be entitled to one (1) Board seat.n
The foregoing amendments to the ARP and ORA are necessary to achieve petitioner VMC's desired targets and goals, prevent a leadership vacuum and ensure the rehabilitation of petitioner VMC consistent with
Section 4-23 of the Rules of Corporate Recovery which provides that
"Section 4-23. Alteration or modification of the Rehabilitation Plan. - An approved Rehabilitation Plan may, on motion, be altered or modified if, in the jUdgment of the Commission, such alteration or modification is necessary to achieve the desired targets or goals set forth therein. No alteration or modification of an approved Rehabilitation Plan shall be allowed if opposed by a majority of any class of creditors unless such opposition is manifestly unreasonable."
Verily, the proposed amendment stands to provide ample representation for petitioner VMC's Creditors with Debt Conversion who have the most exposure to the debt obligations of petitioner VMC. The proposed amendment is likewise aligned with petitioner VMC's By-Laws which provides for the election of eleven (11) members of the board of directors.
In the meantime, pending approval of the proposed amendment. petitioner VMC will allocate the one (1) Board seat reserved to the Joint
Venture Partner to the Creditors with Debt Conversion in the forthcoming
Annual Stockholders Meeting on 05 February 2013.
3
,!. :f.'~. __" '. PRAYER
WHEREFORE, it is respectfully moved that this Honorable
Commission authorize the amendment to the Part IV(4) of petitioner VMC's
Proposed Alternative Rehabilitation Plan and Section 21 of the Debt
Restructuring Agreement by allocating the Board seat previously reserved to the Joint Venture Partner as an additional Board seat for Creditors with
Debt Conversion.
Petitioner further prays for such other measures of relief as this
Honorable Commission may deem just and equitable under the premises.
Makati City for Mandaluyong City, 12 November 2012.
GABIONZA DE SANTOS & PARTNERS Counsel for the Petitioner 20th Floor 139 Corporate Center 139 Valero Street, Salcedo Village, Makati City,Metro Manila
By:
SANTIAGO T. GABIONZA, JR. Roll of Attorneys No. 31646 P.T.R. No. 3175656,01/02/2012, Makati City l.B.P. Lifetime Member No. 00191, Makati Chapter M.C.L.E. Compliance No. 111 -0012437,04/20/10
4 ALEXA ER C. DY Roll of Attoreys No. 44593 P.T.R. No. 3175659 b1/0212012, Makati City I.B.P. No. Lifetime Mem r No. 05420, Maka!i Chapter M.C.L.E. Complian No. 111-0011826,04113/10
CARMINE ELIZA T. SERRANO Roll of Attorneys No. 50784 P.T.R. No.3175668, 01/0212012, Makati City I.B.P. No. 869598, 01/0412012, Makati Chapter M.C.L.E. Compliance No. 111-0009295,03/08110
VINCENT PA~I~ R. CRUZ Roll of Attorneys ~o. 59794 P.T.R. No.3175666, 01/0212012, Makati City I.B.P. No.869600, 01/0412012, Makati Chapter Admitted to the Bar 04/19/2011
ATTY. LUIS MA. G. URANZA Rehabilitation Receiver VICTORIAS MILLING CO., INC. cia Rm 400-0 Delta BUilding West Avenue, Quezon City
THE CLERK SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Greenhills, Mandaluyong City
LISTINGS AND DISCLOSURE GROUP PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Ortigas Center, Pasig City
AGCAOILI & ASSOCIATES Counsel for Australia & New Zealand Banking Corporation, LTO. Counsel for Banque Nationale De Paris 7TH Floor, Citibank Center Paseo de Roxas, Makati City
5
",-~ i ·...... ,.,. i' BENEDICTO VERZOSA GEALOGY & BURKLEY Counsel for BPI 11th Floor, BPI Building, Ayala Avenue cor. Paseo de Roxas, Makati City
ATTY. MARTIN B. BUENVENTURA Counsel far Philippine Commercial Capital, Inc. 118 L P. Leviste si, Salcedo Village, Makati City
CAMERON GRANDVILLE ASSET MANAGEMENT clo Ferrier Hodgson Corporate Services Karport Bldg.. 32nd Street Bonifacio Global City Taguig City
ONA PAMFILO IMON AGOSTA DURAN LIM & DE JESUS LAW OFFICES Counsel for East West Banking Corporatian 2/F Salustiana D. Ty Tower 104 Paseo de Roxas, Legaspi Village Makati City
CVCLAW Counsel for Dao Heng Bank CVCLAW Center 11th Avenue corner 39th Street, Bonifacio Triangle Bonifacio Global City
CASTRO & ASSOCIATES Caunsel for Security Bank Castro Law Center 1353 Kalayaan Ave. Candelaria cor. Nicanor Garcia (formerly Reposo) Santiago Village , Makati City
CHINA BANKING CORPORATION CSC Building 8745 Paseo de Raxas corner. Villar St., Makati City
LIM VIRGILIA ORENCIA & ASSOCIATES Counsel for China Banking Corporation t t" Floor, CBC Building 8745 Paseo de Roxas cor. Villar St., Makati City
6 ATTY. EFREN N. OElA CRUZ Counsel for Bandila Construction & Development Corporation Rm. 206, BPI Office Condominium Plaza Cervantes, Binondo, Manila
ATTY. GREGORIO S. Oliilo Counsel for United Coconut Planters Life Assurance Corporetlon 6744 Ayala Avenue, Makali City
GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS) Legal Services Group GSIS Headquarters, Financial Cenler Roxas Blvd., Pasay City
ENCANTO GASPARIL CATAPANG & GUZMAN Counsel for United Coconut Planters Bank (UCPB) 9"' Floor, UCPB Building. Makati Ave ., Makati City
ATTY. ALBERT B. GUEVARA, JR Counsel for AITOR DE CORTABITARTE GUEVARA LAW OFFICE Suite 605 Catlleya Condominium 235 Salcedo St., Legaspi Village, Makati City
ISON & NAVARRO Counsel for Penta Capital 10lh Floor, ACT Tower 135 Sen. Gil J. Puyat Avenue, Salcedo Village, Makali City
NATlONAL FOOD AUTHORITY NFA Building, -101 E. Rodriguez Sf. Quezon City
LAND BANK OF THE PHILIPPINES Land Bank Bldg., IV, 319 Sen. Gil PuyatAve., Extn. Makali City
ATTY. ARNEL L. LAPORE DiAl & l APORE Counsel for Negros Merchants Enterprises, Inc. and Edell Commercial Room 8 , 41h Floor, Villa Angela Metro Plaza. Araneta 51., Bacolod City
7
• < i" . ATTY. JOSE GERMAN M. lICUP Counsel for Hangkang and Shanghai Banking Corporation 4'h Floor, Royal Match Building 6780 Ayala Avenue, Makati City DEUTSCHE BANK 20th Floor, Tower I, Ayala Avenue, Makati City
ATTYS. AMADOR M. MONTEIRO AND ERNESTO G. GAstS Counsel for Creditor Social Security System SSS Building , East Avenue Quezon City
OFFICE OF THE LEGAL COUNSEL 10th Floor, DBP Bldg.. Sen. Gil J. Puyat Ave., Makati City
OCAMPO, QUIROZ, PESAYCO & ASSOCIATES Counsel for Allied Banking Corporeiion 2"d Floor. Allied Bank Center 6754 Ayala Avenue, Makati City
PHILIPPINE NATIONAL BANI( Financial Center, Roxas Blvd., Pasay City
PICAZO BUYCO TAN FIDER & SANTOS Counsel for Asia Bank Corporation 181/'. 19th Floors Liberty Center 104 HV Dela Costa Street Salcedo Village, Makati City
PLATON MARTINEZ FLORES SAN PEDRO & LEANO Counsel for Citibanl< 6 1h Floor, Tuscan Building 114 Herrera SI., Legaspi Village, Makati City
PONCE ENRILE REYES & MANALASTAS Counsel for Manufacturer's Life Insurance Co. (Phils.), Inc, 3'd Floor, Vernida IV Bldg. L.P. Leviste Street (formerly Alfaro SI.) Salcedo Village, Makati City
8 QUIASON MAI{ALINTAL BAROT TORRES & IBARRA Counsel for Metropolitan Bank and Trust Company 2151 Floor, Robinsons-PCIBank Tower ADB Ave., cor. Pedro Poveda Road 1600 Ortigas Center, Pasig City
QUISUMBING FERNANDO & JAVELLANA Counsel for Rolando C. Rodriguez lAJAVE Center, R. Alvero cor. E. Abada Sts.. Loyola Heights, Quezon City
ROMULO MABANTA, BUENAVENTURA SAYOC & DE LOS ANGELES Counsel for Deulsche Bank AG 30th Floor, Citibank Tower . 8741 Paseo de Roxas, Makati City
ATTYS. MA. NERIZA O. SAN JUAN AND CARLOS ROMAN Z. UBARRETA Counsel for Asiettust Development Bank 2nd Floor. ATB Building 1424 Quezon Avenue, Quezon City
SANTIAGO CORPUZ & EJERCITO LAW OFFICES 6'" Floor, Pacific Center Bldg. San Miguel Ave.. Ortigas Center, Pasig City
SIGUION REYNA. MONTECILLO & ONGSIAKO Counsel for PC/Bank 0h gill & 10 Floors, Philcom Building . 8755 Paseo de Roxas, Makati City
ATTYS. WILFREDO I. UNTALAN FEDERICO A. MANALO REY I. MADRONO Counsel for Phil. Veterans Bank PVB Bldg., 101 Herrera comer Dela Rosa Sts., Legaspi Village Makati City
EXPORT INDUSTRY BANK (formerly URBAN BAmq Urban Bank Plaza, Urban Ave., Makati City
9
•• ...... ' MR. EFREN ZAPANTA ADVENT CAPITAL AND FINANCE CORPORATION (formerly All Asia Capital and Trust Corporation) 6/F SSHG Law Center 105 Paseo de Roxas, Makati City
GREETINGS:
Please take notice that on 20 November 2012, Tuesdav at 2:00 o'clock in the afternoon or soon thereafter as matter and counsel may be heard, the undersigned will submit the foregoing motion to the Honorable Commission's Special Hearing Panel for its consideration and approval.
Makati City for Mandaluyong City, 12 November 2012. /'~ ~ VIN~~;;.;:-;;~..;gCK R~RUZ
EXPLANATION (Pursuantto Section 11, Rule 13 oflhe 1997 Rules ofCivil Procedure)
Due to the nature of the pleading and the lack of personnel to effect personal service, service was made by registered mail upon the parties as herein below indicated by the corresponding attached registry receipts . -:
COPY FURNISHED:
Any. LUIS MA. G. URANZA Rehabilitation Receiver ~4or) VICTORIAS MILLING CO., INC. c/o Rm 400-0 Delta Building West Avenue, Quezon City
THE CLERK SECURITIES AND EXCHANGE COMMISSION 1 SEC Building, EDSA, Greenhills, U411 Mandaluyong City
LISTINGS AND DISCLOSURE GROUP PHILIPPINE STOCK EXCHANGE, INC. v~ott PSE Center, Exchange Road Ortigas Center, Pasig City
10 AGCAOILI & ASSOCIATES Counsel for Australia &New Zealand Banking Corporation, LTD. V1 Counsel for Banque Nationale De Paris D4 7TH Floor, Citibank Center Paseo de Roxas, Makati City
BENEDICTO VERZOSA GEALOGY & BURI{LEY 04o~ Counsel (or BPI 11'" Floor, BPI Building, Ayala Avenue cor. Paseo de Roxas , Makati City
ATTY. MARTIN B. BUENVENTURA ,.... Counsel for Philippine Commercial Capital, Inc. 0~ nt 118 L. P. Leviste SI., Salcedo Village. Makati City
CAMERON GRANDVILLE ASSET MANAGEMENT f\ I. h(~ cia Ferrier Hodgson Corporate Services V l\"1I1f Karpor! Bldg., 32"" Street Bonifacio Global City Taguig City
ONA PAMFILO IMON ACOSTA DURAN LIM & DE JESUS LAW OFFICES 0+0 r Counsel for East West Banking Corporation 2JF Salustiana D. Ty Tower 104 Paseo de Roxas , Legaspi Village Makati City
CVC LAW Counsel for Daa Heng Bank f1 1 or) CVCLAW Center V 'I' 't. 1HI1Avenue corner 39th Street, Bonifacio Triangle Bonifacio Global City
CASTRO & ASSOCIATES Counsel {or Security Bank 'V 41J OJ Castro Law Center . , 1353 Kalayaan Ave. Candelaria cor. Nicanor Garcia (formerly Reposo) Santiago Village, Maka!i City
CHINA BANKING CORPORATION 11.10 eBC Building 't 8745 Paseo de Roxas corner. Villar SI., Makati City
11
I. (;" _ .j LIM VIRGILIA ORENCIA & ASSOCIATES Counsel for China Banking Corporation 6411 , 111h Floor, CBC Building I 8745 Paseo de Roxas cor. Villar St., ! Makati City I ATTY. EFREN N. DELA CRUZ Counsel for Bandila Conslruction & Development Corporation o~ 11 Rm. 206, BPI Office Condominium Plaza Cervantes, Binondo, Manila
ATTY. GREGORIO S. DINO Counsel for United Coconut Planters LIfe Assurance Corporation 04\0 6744 Ayala Avenue, Makati City
'- GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS) Legal Services Group 8SIS Headquarters, Financial Center V&\4 Roxas Blvd " Pasay City
ENCANTO GASPARIL CATAPANG & GUZMAN Counsel for United Coconut Planters Bank (UCPB) 6~\r glh Floor, UCPB BUilding, Makati Ave " Makati City
ATTY. ALBERT B. GUEVARA, JR. Counsel for AlTaR DE CORTABITARTE GUEVARA LAW OFFICE Dk\~ Suite 605 Cattleya Condominium 235 Salcedo St., Legaspi Village, Makati City
ISON & NAVARRO Counsel for Penta Capital lO[h Floor, ACT Tower 135 Sen. Gil J. PuyatAvenue, V41f Salcedo Village. Makati City
NATIONAL FOOD AUTHORITY NFA Building, 101 E. Rodriguez Sr. b~11 Quezon City
LAND BANK OF THE PHILIPPINES Land Bank Bldg ., IV, 319 Sen. Gil Puyat Ave., Extn. Makati City 1J{tq
12 ATTY. ARNEL L. LAPORE DIAZ & LAPORE \ Counsel for Negros Merchants Enterprises, Inc. 04 'Lo and Edell Commercial Room 8, 4th Floor, Villa Angela Metro Plaza, Araneta St., Bacolod City
ATTY. JOSE GERMAN M. LlCUP Counsel for Hongkong and Shanghai b411 Banking Corporation 4'h Floor, Royal Match Building 6780 Ayala Avenue, Makati City
DEUTSCHE BANK zo" Floor, Tower I, Ayala Avenue, b~ 12 Makati City
ATTYS. AMADOR M. MONTEIRO AND ERNESTO G. GASIS I Counsel for Creditor Social SecUlity System bl\: 1? SSS Building, East Avenue Quezon City
OFFICE OF THE LEGAL COUNSEL 4() I. 10'h Floor, DBP Bldg., V lit Sen. Gil J . Puyat Ave., Makati Cily
OCAMPO, QUIROZ, PESAYCO & ASSOCIATES Counsel for AI.liedBanking Corporation I. 2nd Floor, Allied Bank Center '0 't tr 6754 Ayala Avenue, Makati City
PHILIPPINE NATIONAL BANI{ Financial Center, Roxas 041~ Blvd., Pasay City
PICAZO BUYCO TAN FIDER & SANTOS Counsel for Asia Bank Corporation h f. 11"'l 18'h, 19'h Floors Liberty Center u'" 'L 1 104 HV Dela Costa Street Salcedo Village, Makati City
PLATON MARTINEZ FLORES A rl SAN PEDRO & LEANO '0 ~ ~ 't Counsel for Cltibenk 6th Floor, Tuscan Building 114 Herrera 51.. Legaspi Village, Makati City
13
.. < • • PONCE ENRILE REYES & MANALASTAS Counsel for Manufacturer's Life Insurance Co. (Phils.), IIlC, 3'd Floor, Vern ida IV Bldg. L.P. Leviste Street (formerly Alfaro SI.) MlOj Salcedo Village, Makati City
QUIASON MAKALINTAL BAROT TORRES & IBARRA Counsel for Metropolitan Bank and Trust Company 21s' Floor, Robinsons-PCIBank Tower M?m ADB Ave. , cor. Pedro Poveda Road 1600 Ortigas Center, Pasig City
QUISUMBING FERNANDO & JAVELLANA Counsel for Rolando C. Rodriguez LAJAVE Center, R. Alvero cor. E. Abada Sts., V611 Loyola Heights, Quezon City
ROMULO MABANTA, BUENAVENTURA SAYOe & DE LOS ANGELES Counsel for Deutsche Bank AG vd 12 so" Floor, Citibank Tower 8741 Paseo de Roxas, Makati City
ATTYS. MA. NERIZA O. SAN JUAN AND CARLOS ROMAN Z. UBARRETA Counsel for Asiatrust Development Bank ~d 17 2nd Floor, ATB Building 1424 Quezon Avenue, Quezon City
SANTIAGO CORPUZ & EJERCITO LAW OFFICES 6'h Floor, Pacific Center Bldg. D657& San Miguel Ave., Ortigas Center, Pasig City
SIGUION REYNA, MONTECILlO & ONGSIAI ATTYS. WllFREDO I. UNTALAN FEDERICO A. MANALO ~u REY I. MADRONO 04 Counsel for Phil. Veterans Bank PVB Bldg., 101 Herrera corner Dela Rosa Sts., Legaspi Village Makati City 14 EXPORT INDUSTRY BANK (formerly URBAN BANK) ~~1t Urban Bank Plaza, Urban Ave., Makati City MR. EFREN ZAPANTA ADVENT CAPITAL AND FINANCE CORPORATION (totmetty All Asia Capital and Trust Corporation) va 71 6/F SSHG law Center 105 Paseo de Roxas, Makati City CTS Sh arMNMC 2 1 95Ir"' E troM E hl r Sl ~ , otitln 10 ame 15 Manifestation and Motion ------Forwarded message ------From: Dear Sir/Madam: We would like to inform you that as of NOV 16, 2012 08:17:15 AM today, Reference Number: WLIST__2012000018183 Company Name: Victorias Milling Company, Inc. Disclosure Subject: Manifestation and Motion filed with SEC re: proposed amendments to Alternative Rehabilitation Plan and of Debt Restructuring Agreement on composition of Board of Directors Status: APPROVED Should you need further assistance, please e-mail us at [email protected].