Re: Petition for Suspension of Payments

[SEC-SICD * CASE NO. 6070. January 7, 1999.] IN RE: PETITION FOR SUSPENSION OF PAYMENTS, HANMEN INDUSTRIES CORPORATION , petitioner . D E C I S I O N For consideration is the pending verified petition for suspension of payments and the Three-Year Repayment Schedule submitted by petitioner Hanmen Industries Corporation. During the hearing last January 5, 1999, only one of the creditor banks was present. Moreover, it offered no objection to the Three-Year Repayment Schedule of petitioner corporation. After a judicious examination of the said Repayment Schedule before us and in the absence of any opposition from any of the creditors, We find that the Three-Year Repayment Schedule is sufficient in form and in substance. As a consequence, any and all claims against the petitioner corporation HANMEN INDUSTRIES CORPORATION are SUSPENDED and shall be paid in accordance with the Three Year Repayment Schedule. LLphil WHEREFORE, premises considered, Petitioner corporation's prayer for the issuance of an order suspending of payment of claims is GRANTED, said suspension order subsisting in accordance with the Three-Year Repayment Schedule or until sooner terminated by order of the Commission. SO ORDERED. (SGD.) MYRA-LYN B. SOLANO (SGD.)SUZETTE A. NER Hearing Officer Hearing Officer (SGD.) ROSITA R. GUERRERO Hearing Officer