Lucio Tan-owned Absolut Distillers Inc. has agreed to withdraw the cases filed against Dennis Uy’s listed oil company, Phoenix Petroleum, after the latter agreed to pay its debts.
Independent oil player Phoenix Petroleum, facing a writ of attachment that effectively orders the seizure of its properties, said it would continue discussions with its creditors and lenders.
Phoenix optimistic of hurdling headwinds philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.
Dennis Uy also owes $12 million to some of the country s tycoons philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.