Victorias Milling Company, Inc. (VMC) is a corporation duly organized on May 7, 1919 to engage in integrated raw and refined sugar manufacturing. VMC's sugar plant facilities are located in Victorias City, Negros Occidental. VMC also has engineering services operations. In the mid 1990s, VMC encountered financial difficulties due to its failure to effectively contain rising overhead costs against a backdrop of falling domestic prices of sugar, and increasing competition from both new and expanded sugar mills and refineries. After going through different stages of legal proceedings, VMC came up with an Alternative Rehabilitation Plan (ARP) that was approved by the Securities and Exchange Commission on November 29, 2000. The operating subsidiaries of VMC include Victorias Foods Corporation, Canetown Development Corporation, Victorias Quality Packaging Corporation, Victorias Golf and Country Club, Inc., and Victorias Agricultural Land Corporation. These subsidiaries are engaged in several businesses such as fish canning, real estate, sugar sacks manufacturing and packaging, and golf course and restaurant operations Source: SEC Form 17-A (2008)