I will assume this will go back into a bathroom? A hanging basket in a bathroom, teak or otherwise, may not be the best solution. Read the info on Phals on the sticky section of the beginner section for more ideas. Also type Phal Culture in the Search bar at the head of the OB for threads pertaining to Phals.
I recommend your plant go back into a pot, WITH the hanging ROOTS. Cut the stem to remove the old roots that may be rotten as was suggested by Keithrs and plant in fir bark and perlite or a mix that works for you in your area.
Cym Ladye