Filsyn Corporation (FYN) was originally organized in 1968 as Filipinas Synthetic Fiber Corporation to promote and support the polyester fiber and yarn requirements of the Philippines' textile industry. It was registered with the Board of Investments in 1969 with a preferred and pioneer status and went full-scale commercial operation in November 1971. The company changed its name to Filsyn Corporation in 1987 to reflect its wider range of activities. Since the implementation of the import liberalization program of the government in 1995, the textile industry experienced excess capacity coupled with high production costs and financing costs. FYN's operations since then, were limited to the disposal of old inventories, machineries and equipment, as well as sale of scrap materials and parts, plus acting as sales agent for Far Eastern Textile Ltd. and other entities in the support of textiles in the Philippines. On December 14, 1998, FYN entered into an agreement with its various bank creditors and a supplier/shareholder to restructure its overdue and outstanding unsecured obligations. As of March 18, 2009, there had been no significant development on the status of negotiations with the creditors of the first and second MTI. FYN has no formal communication with the creditors through the trustee. The company had no major business activity for the year ended December 31, 2008. Source: SEC Form 17-A (2008)