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(From BusinessWorld (Philippines))
Salas-led Platinum Plans Philippines, Inc. has secured the court's approval for its rehabilitation but its receiver has yet to evaluate whether the plan is viable.
Judge Romeo F. Barza of Branch 61, in an order dated Oct. 14, said the court found the opposing comments of parties, including the Securities and Exchange Commission (SEC), not substantial.
"On the basis of the allegations in the petition and the rehabilitation plan... the court finds that Platinum Plans stands a chance of being restored to a successful operation and solvency if given an opportunity to be rehabilitated under a viable rehabilitation …