Udenna Corporation, the conglomerate of Davao City-based businessman Dennis A. Uy, said Thursday the Notice of Default issued to the company related to its Clark Global City development has been withdrawn.
“In connection with the Notice of Declaration of Default that was sent to Clark Global City Corp. (CGCC) last 22 July 2022, we wish to announce that such Notice has already been withdrawn and that the affected loan under the Omnibus Loan and Security Agreement (OLSA) involving CGCC, as the principal borrower, has already been reinstated,” the company said in a statement on Thursday.
Last month, BDO issued a Notice of Default on CGCC “about its obligations under the Master Lease Agreement between Clark International Airport Corporation and Global Gateway Development Corporation, a subsidiary of CGCC.”
Commitments to be honored moving forward, Udenna Corporation said it will remain “steadfast” in its commitments and investments.
During Duterte’s six-year term that ended last 30 June, Uy expanded his business empire through debt-funded acquisitions and ventures. His conglomerate took over the Malampaya natural gas facility, broke the telecommunications duopoly through DITO Telecommunity, and acquired companies like Contis, Enderun and Familymart.