Primetown Property Group, Inc. (PMT) was incorporated on May 16, 1989 as an owner and developer of real estate properties. Its first project was the Century Citadel Inn Makati, which was completed in 1993. The success of this maiden project led PMT to launch another condotel project in 1994, the Makati Prime Century Tower. PMT went into a rapid expansion mode in 1996, but after having launched several big projects, the company was caught flat-footed when the Asian financial crisis hit the Philippines in July 1997 and continued through 1998. The company was forced to enter into various restructuring and dacion en pago arrangements with its creditors to reduce its debt, to downsize substantially its operations to cut costs, and to suspend construction on all projects, except those already transferred to the banks to conserve cash. PMT was also forced to suspend contracting of new sales and collection of receivables from the affected projects pending the resumption of project construction. As a result, the company's operations have been substantially reduced. In view of its continuing incurrence of capital deficiency, PMT will focus on a recapitalization program to build up its capital base. The program consists of inviting principal shareholders and prospective strategic investors to participate in the retirement and/or settlement of the company's obligations to the banks and the buyers in uncompleted projects, with the end in view of allowing PMT to start new projects and new businesses on a clean slate Source: SEC Form 17-A (2007)