Udenna Corporation, the investment holdings company of Dennis A. Uy of Davao, reported that it has settled its loan obligation with creditor banks prior to the mandated deadline.
In a disclosure to the Philippine Stock Exchange, Udenna said has avoided a declaration of default as it has “settled the matter prior to the mandated deadline, and to the satisfaction of the majority lender and the consortium banks.” Udenna said the issue involved Clark Global City Corporation (CGCC), Clark International Airport Corporation (CIAC), and a consortium of banks led by BDO Unibank.
“We would also like to clarify that the declaration of default was in relation to certain obligations of GGDC with CIAC, which are due only on Wednesday, 27 July 2022,” the firm said.
It noted that, “To be clear, CGCC or GGDC (Global Gateway Development Corporation, a subsidiary of CGCC) did not fail to make any interest or principal repayments with its debt to the consortium banks.”
“Thus, in contention, CGCC replied to the consortium banks to dispute the default conclusion, and clarified that, under the circumstances, there has been, in fact, no Event of Default or, at the very least, no irremediable Event of Default, under the Master Lease Agreement on the part of CGCC or GGDC,” added Udenna.
It explained that, “The financial liability stated was not a liability to the consortium banks, but an obligation of GGDC to CIAC, which, as stated above, has already been settled.”
“We appreciate the continued support provided by consortium banks to Udenna Corporation. We have always believed that they positively agree to our approach on this matter,” Udenna said.
It assured that, “Ultimately, we at Udenna Corporation remain steadfast in our commitments and our investments, and we continue to value our partnerships, which enable us to serve the country and the Filipino people.”