DECISION
SANDOVAL-GUTIERREZ, J.:
For our resolution is a petition for review on certiorari seeking to reverse the Decision[1] of the Court of Appeals (Seventh Division) dated July 28, 2005 in CA-G.R. SP No. 88479.
Pryce Corporation, petitioner, was incorporated under Philippine laws on September 7, 1989. Its primary purpose was to develop real estate in Mindanao. It engaged in the development of memorial parks, operated a major hotel in Cagayan de Oro City, and produced industrial gases.
The 1997 Asian financial crisis, however, badly affected petitioner's operations, resulting in heavy losses. It could not meet its obligations as they...
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