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Wednesday, April 28, 2004
Nenaco shipping operations cease
By Erwin Ambo S. Delilan
* Nenaco's cargo vessels still operational
* Only ordered grounded were four of nine passenger ships
THE ongoing legal battle between beleaguered Negros Navigation Company and Tsuneishi Heavy Industries, a joint venture with the Aboitiz Group in Cebu City, has already affected Nenaco's Bacolod operations starting Tuesday.
Angelito Salvio, Nenaco assistant vice president for Bacolod-Iloilo branches, told Sun.Star none of their passenger vessels are available for transportation. This has affected thousands of customers who were supposed to go to Manila and other Nenaco ports of destination.
Nenaco, which is now being managed by the Metro Pacific Corporation, is the owner of a total of nine passenger and cargo ships.
Salvio further disclosed that to be affected by the halt in their operations are the 1,400 delegate-athletes of the 2004 Ched National Palaro who are now in Bacolod.
The games will end Wednesday.
The athletes, mostly from the National Capital Region, were already booked for the noon trip to Manila Wednesday via the m/v St. Joseph the Worker of Nenaco.
The latest advisory from Nenaco-Manila as of press time Tuesday night, however, indicated that m/v St. Joseph was prohibited by the Maritime Industry Authority (Marina) from sailing to Bacolod.
The vessel, said Salvio, was supposed to depart from Manila at 11 a.m. Tuesday and is set to arrive to the N/N Bacolod port at 7 a.m. Wednesday.
It was scheduled to depart for Manila at noon.
Suspension
The travel mess was caused by the recent order issued by Marina grounding four of the nine vessels of Nenaco as they are "under receivership."
Marina's order took effect last Friday affecting the m/v St. Peter the Apostle vessel that was not allowed to leave Pier 2 of the North Harbor in Manila.
The same incident happened the next day, Saturday, April 24, when another N/N vessel, the m/v Princess of Negros, was also barred from leaving the Manila port.
Thousands of N/N passengers who were supposed to go home to their respective provinces such as Bohol, Palawan, Bacolod and Iloilo were greatly affected, said Salvio.
Nenaco officials made a last-ditch attempt to transfer their stranded passengers to the vessels of WG&A and Sulpicio Lines.
Gian Galvez, Nenaco corporate communication chief, in a Manila report, said they have already complied with all the requirements of Marina for the issuance of necessary permits to sail.
Yet, Galvez said Marina still refused to issue them such permit.
Clarification
Salvio, on the other hand, clarified that Nenaco's cargo vessels are still operational. Those ordered grounded were the shipping firm's m/v San Paolo, m/v San Lorenzo Ruiz, m/v St. Joseph the Worker and m/v St. Peter the Apostle.
On their cargo department, it's still business as usual, declared Salvio.
Salvio further disclosed that Nenaco Bacolod branch is now offering a 50 percent discount to all passengers who want to revalidate their tickets for Wednesday's trip and in the succeeding days until the shipping operation resumes.
Aside from the 50 percent discount on revalidation, he said passengers might also seek refund of their tickets.
As to the problem of the NCR athletes, Salvio said he will coordinate with Bacolod Rep. Monico Puentevella about the matter.
But if there could be no more remedy, said Salvio, the local Nenaco office will seek assistance from the Philippine Navy to provide any vessel that could transport the Palaro athletes back to Manila.
Salvio said that WG&A Super Ferry's trip will be on Sunday yet and the athletes may have to prolong their stay and this entails another problem.
P110 million debt
The mess stemmed from the P110-million debt incurred by Nenaco with Tsuneishi on the dry-docking or repair of several Nenaco vessels at the Cebu City docking yard.
Salvio said Nenaco's top management headed by Manny Pangilinan had already exhausted all legal means to pay its debt to Tsuneishi.
The Japanese firm, however, had already secured legal remedies, resulting to the seizure of some of Nenaco's assets.
Salvio said though that the one vessel costs more or less P400 million.
Before Holy Week, reports disclosed that Tsuneishi had made a very drastic move by pulling back one of the passenger vessels of Nenaco while it was cruising the Manila Bay for the Manila port. The move reportedly deprived thousands of passengers of their Holy Week vacation.
Now, Tsuneishi, reports further added, wanted the court in Cebu City to issue a seizure order on all Nenaco vessels.
Sources from Nenaco, meanwhile, disclosed that the company's legal counsels are putting up a fight.
Political agenda
Sources also suspect that the mess that Nenaco has found itself in is politically motivated.
Nenaco is said to be an ally of the United Opposition and is supporting the candidacy of actor-turned-presidential wannabe Fernando Poe Jr., of the Koalisyon ng Nagkakaisang Pilipino.
Aboitiz, operator of WG&A, on the other hand, is known to be a staunch supporter of administration bet President Arroyo.
Records, however, revealed Nenaco at present has a total of P2.5 billion debts to various creditors in the country, effectively shielding the company from any foreclosure proceedings.
But Nenaco through Metro Pacific Corp. had already secured a court reprieve on the payment of its P2.5 billion debt.
A stay order was already issued by the Manila Regional Trial Court last April 11.
But the same order also barred Nenaco from selling or transferring any of its properties, except in the ordinary course of business.
The Manila RTC also appointed Sulpicio Tagud Jr. as rehabilitation receiver for Nenaco.
Tagud is tasked to oversee the shipping company's financial transactions during the rehabilitation period. He was formerly with the Ayala Investment and Development Corp. and was a bank-shipping specialist.
Initial hearing of the petition for corporate rehabilitation and suspension of debt payments of Nenaco has been set on May 7, 2004.
Nenaco, meanwhile, said the stay order ensures the sanctity of its assets while its rehabilitation program is being considered by the court, and prevents any creditor from attempting to gain advantage over others in an attempt to seize or attach any of the company's assets.
(April 28, 2004 issue)
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