Udenna Corp has reported it has settled a US$4m debt with Clark International Airport.
The Philippines.- The Udenna Corporation, the company that owns PH Resorts, has reported through a press release that it has settled a US$4m debt that Global Gateway Development Corp (GGDC) had with Clark International Airport Corp. It said that it settled the debt ahead of the July 27 deadline, avoiding a default.
The company said: “We hope this clarifies this matter, and we appreciate the continued support provided by consortium banks to Udenna Corp. We have always believed that they positively agree to our approach on this matter.”
PH Resorts is building the Emerald Bay Resort on Cebu. Last year, the company announced it hoped to launch the first phase of the IR by the first quarter of 2023.
The first phase of the US$465m IR will include 122 gaming tables, 600 electronic gaming machines and a five-star hotel, with 270 rooms. The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is now slated for completion by 2027.