PDIC President Valentin A. Araneta said that PDIC continues to address the concerns of both pre-qualified STPIs and depositors to ensure a successful bidding.Â
According to PDIC, there are certain critical requirements for the rehabilitation of EIB. Â These are: (1) support from the STPIs that will bid for the rehabilitation of EIB; 2) consent of majority of stockholders; (3) consent of all creditors and uninsured depositors; and 4) successful bidding. Â Â
Interested parties have been pre-qualified based on their financial and management capability. Â Pre-qualified STPIs have completed due diligence audit on EIB and are now making preparations for the bidding. Â PDIC disclosed that there is a sufficient number of STPIs to proceed with the bidding. Â Pre-qualified STPIs have to submit a rehabilitation plan that complies with the requirements for capital strengthening, liquidity, sustainability and viability; and governance.
EIB stockholders have also manifested support for the rehabilitation. The PDIC said that it is discussing with the bankâ€™s stockholders the documents to be executed by the stockholders.
PDIC also conducted meetings with EIBâ€™s uninsured depositors to discuss the status of EIB, the prospects and requirements for the bankâ€™s rehabilitation, in particular, their consent for the rehabilitation and possible restructuring of their deposits. Â To date, 35% of the depositors have already submitted the required consent, while others have signified that they will submit their consent as soon as possible. Â
PDIC earlier targeted the bidding to be conducted in the second half of September 2012, but decided to give creditors and uninsured depositors more time to submit their consents. Â While depositors have expressed support for the rehabilitation of EIB, delays in the receipt of consents have been experienced due to depositorsâ€™ individual circumstances. Â Around 15% of depositors could not be reached because of incomplete and outdated addresses and contact details in the bankâ€™s records. Â
PDIC announced that it will continue to receive consents, and depositors may submit their consents to the Records Control and Logistics Department, 4/F SSS Building, 6782 Ayala Avenue cor. V.A. Rufino St., Makati City (Attention: Assistant Vice President Teresa H. Garcia). Â For more information, interested parties may call telephone no.Â (02) 841â€“4725Â or e-mailÂ email@example.com.Â