Agrix Group Corporate Rehabilitation Program

The rehabilitation program formulated by the NDC for Agrix Marketing, Inc. and its affiliates was officially approved.

The existing Agrix Group companies were to be dissolved.
Their assets and liabilities would transfer to a newly organized corporation named New Agrix, Inc.
The SEC was instructed to allow the formation of New Agrix, Inc. with an authorized capital stock of PHP 200 million consisting of 200 million shares at PHP 1 par value each.
Paid-up capital would equal valid claims from investors and shareholders based on principal amounts only.
Investors or shareholders facing or subject to criminal charges were excluded from claim consideration.

New Agrix, Inc. must issue shares corresponding to the principal amount of valid claims upon submission of original proofs of investment.
A Claims Committee representing the NDC, SEC, and Ministry of Justice was created to set rules for validating claims.

New Agrix, Inc. assumes monetary collections from the dissolved companies, assuring principal value payments.
Secured creditors: obligations bear 12% interest annually, payable in equal installments over 5 years starting one year after enactment.
Existing mortgages and liens on dissolved companies’ assets are extinguished.
Unsecured creditors: obligations carry no interest and are payable in equal installments over 10 years, starting one year after enactment.
Accrued interest, penalties, or charges on obligations as of enactment date are not recognized.

The NDC shall provide an interest-free loan up to PHP 10 million to New Agrix, Inc., extendable with Presidential approval.

To support rehabilitation, New Agrix, Inc. is exempted from all National Internal Revenue Code taxes for five years from enactment.

NDC manages New Agrix, Inc. until the rehabilitation loan is fully repaid to protect investors’ interests.
The NDC must provide periodic management reports to New Agrix's Board of Directors.
Upon full repayment, the Board assumes management responsibilities and appoints new management.

The NDC, its officers, employees, and representatives are exempt from liability for acts or omissions in implementing the Decree.

All ongoing or future monetary claims against the dissolved companies are dismissed.
Courts or adjudicatory bodies must not issue orders interfering with New Agrix, Inc.'s ownership and possession of the dissolved companies’ assets.

The SEC and other involved government agencies are required to assist fully in enforcing and implementing the rehabilitation program.

The Decree takes effect 90 days from enactment or earlier if the Ministry of Justice certifies completion of criminal charges filing against Agrix principals.