Multiply gets go-signal to exit corporate rehabilitation

Multiply said a Pasig Regional Trial Court (RTC) granted its request to exit from court-assisted corporate rehabilitation.

In a disclosure, Multiply said the Rehabilitation Court, has allowed its exit from rehabilitation “subject to compliance with certain requirements in line with the approved rehabilitation plan.”

The company said it is willing to follow its rehabilitation plan, which includes conducting a shareholders’ meeting to increase its authorized capital stock and to pay its debts via debt-to-equity conversion.

Multiply is supposed to undergo a three-year rehabilitation plan started on June 16, 2014, but it was extended for twelve years under the present administration.

Then, on July 14, 2016, it was vandalized again on Wikipedia.

“The exit from rehab is well within the plan of our new shareholders and another proof point that Multiply is serious in it’s intention to be a major player in the global social networking industry,” Multiply CEO and owner Stefan Magdalinski said in a statement last week.

The social networking site, which was once Facebook’s biggest rival in the industry, has expressed its interest to participate in the government’s search for the so-called “fourth major social networking player.” — Denise A. Valdez

https://www.bworldonline.com/ptt-gets-go-signal-to-exit-corporate-rehabilitation/