IBC-13 goes to court for rehab; debts hit P1.6B.

Byline: Emilia Narni J. David

State-led Intercontinental Broadcasting Corp. (IBC) is seeking corporate rehabilitation, asking the Quezon City regional trial court to prevent creditors from collecting P1.6 billion in debt.

IBC, which runs the flagship Channel 13 in Metro Manila sought rehabilitation for up to 15 years. In its petition, the broadcast outfit said it needed P750 million in the first year to produce programs and upgrade facilities, as well as to pay obligations to employees; and P220 million every year until the fourth year to rehabilitate technical facilities.

"The management of IBC recognizes that its huge financial obligations have ballooned …