LEPANTO Ceramics Inc., the Laguna-based ceramic tiles manufacturing subsidiary of listed firm Prime Orion Philippines Inc., has secured a court order affirming its solvency and complete rehabilitation.
Lepanto Ceramics manufactures products under the Lepanto Tiles brand, which has ceased operations since mid-November 2012 after incurring net losses from its operations.
Lepanto Ceramics filed for a court-assisted rehabilitation in 2011 to arrest continuing losses and enable it to eventually meet its financial obligations to creditors. In March 2012, the court issued an order giving due course to the petition for rehabilitation.
In a statement, Prime Orion said Lepanto Ceramics received the order from the Regional Trial Court of Calamba, Branch 34, dated August 28, declaring the successful rehabilitation of the company, its attainment of solvency, and termination of the rehabilitation proceedings.
Lepanto Ceramics is a wholly owned subsidiary of Orion I Holdings Philippines Inc, which is a manufacturing arm of Prime Orion.