EXPRESS INVESTMENTS III PRIVATE LTD. AND EXPORT DEVELOPMENT CANADA, VS. BAYAN TELECOMMUNICATIONS, INC., THE BANK OF NEW YORK (AS TRUSTEE FOR THE HOLDERS OF THE US$200,000,000 13.5% SENIOR NOTES OF BAYAN TELECOMMUNICATIONS, INC.) AND ATTY. REMIGIO A. NOVAL (AS THE COURT-APPOINTED REHABILITATION RECEI

Ruling

WHEREFORE, the Court resolves the pending incidents as follows: 1. The Urgent Motion to Resolve of petitioner is hereby granted. The creditors of Bayantel, whether secured or unsecured, should be treated equally and on the same footing or pari passu until the rehabilitation proceedings is terminated in accordance with the Interim Rules; 2. The Motion of Bayantel to Include RCPI and Nagatel in the present rehabilitation proceedings as debtor-corporations is denied; 3. The Motion of Bayantel to Exempt from the Stay Order the payment of the compensation package of its former employees per Annex A attached to said motion is granted, subject to the verification and confirmation of the items therein by the Rehabilitation Receiver; 4. The Motion of Petitioner to Strike Out the proposed rehabilitation plan of Bayantel is denied. SO ORDERED.