BCL creditors may lose out

The company allegedly owes about P1 billion to its close to 700 creditors. Provisional liquidator, Nijel Dixon-Warren has said during an interview that creditors will have to wait to see whether a buyer can be secured to restart some, or all of the BCL operations.

‘If so, there may be a dividend to creditors, but it is not known what this might be. If we are unable to sell the operations, then we will have to sell piecemeal. Ultimately, if we cannot sell many assets and BCL has to close fully, then creditors will not get anything,” he said.