LandBank's potential assumption of control over Cebu's AMTC (Air Transportation Office)
In a bid to recover over P3.67 billion in outstanding loans, LandBank has filed a legal complaint against Asian Marine Transport Corp. (AMTC), aiming to take possession of 11 mortgaged vessels belonging to the shipping company.
The loans, secured by mortgaging the vessels, were granted by LandBank and its predecessor, the United Coconut Planters Bank, starting in 2010. Despite a restructuring of the loans in December 2019, AMTC failed to meet its new obligations, leading to the current legal dispute.
LandBank describes AMTC's continued possession of the vessels as unlawful detention and has sent five formal collection letters from July 8, 2024, to Feb. 17, 2025, but AMTC did not comply with the demands for payment or surrender of the mortgaged assets.
The court is being asked to authorize the arrest and seizure of the ships due to AMTC's failure to settle the loans. The seizure of the vessels is necessary to enable the sheriff to take immediate possession of the mortgaged vessels for purposes of extrajudicial foreclosure and sale.
The vessels in question include mv Super Shuttle Ferry 5, mv Super Shuttle Ferry 6, mv Super Shuttle Roro 7, mv Super Shuttle Roro 9, mv Super Shuttle Ferry 10, mv Super Shuttle RoRo 11, mv Super Shuttle Ferry 12, mv Super Shuttle Roro 14, mv Super Shuttle Roro 16 (also referred to as mv Super Shuttle Rocon 16), and mv Super Shuttle Ferry 17.
AMTC, which operates passenger and freight shipping services under the brands Super Shuttle Roro, Super Shuttle Ferry, and Shuttle Fast Ferry, has also unsettled loans with the Development Bank of the Philippines totaling P1.479 billion, bringing its total debt to government financial institutions to nearly P5 billion.
As of the latest available information, the court has not yet issued a ruling on LandBank's petition. The search results do not provide a detailed update or resolution regarding this particular legal dispute. For the most accurate and up-to-date information, it is recommended to check official records from the Philippine judiciary or statements from the parties involved.
- The vessels in question, such as mv Super Shuttle Ferry 5 and mv Super Shuttle Roro 16, are part of the industry in the Philippines, operated by AMTC.
- Amidst an escalating financial dispute, AMTC has accumulated outstanding loans from not only LandBank but also the Development Bank of the Philippines, amounting to approximately P5 billion in combined debts to government financial institutions in the Philippines.
- The government of the Philippines may soon take action to address AMTC's non-compliance with its financial obligations, as LandBank has filed a legal complaint and is seeking to seize several mortgaged vessels owned by AMTC.
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