Vitarich files for corporate rehab - report

Poultry firm Vitarich Corp. has filed a petition for rehabilitation before the Regional Trial Court of Malolos, to raise fresh capital and to return to profitability within 12 months, a newspaper reported on Monday. Vitaich, which is currently restructuring its debts, wants a rehabilitation program that will allow it to utilize its revenues to further grow its feeds business instead of merely allocating earnings to debt and interest payments, the Philippine Star said. "We need our revenues to sustain growth. Vitarich remains very solvent, yet we are being hampered by the restructuring program and we want to utilize our earnings to provide our customers with better products," company president Rogelio Sarmiento was quoted as saying by the newspaper. Vitarich was a leading poultry and feeds producer until it suffered when the Asian economic crisis broke out in late 1990s which bloated its debts. - GMANews.TV