MANILA - Davao-based businessman Dennis Uy's Udenna Corp said on Monday the issue between its unit Clark Global City Corp (CGCC) and the state-owned Clark International Airport Corp (CIAC) has been settled.

"We wish to announce that Udenna Corporation settled the matter today, 25 July 2022, prior to the mandated deadline, and to the satisfaction of the majority lender and the consortium banks," Udenna said in a statement.

Udenna's announcement followed reports that the Uy-led conglomerate was sent a Notice of Default by several banks led by BDO and was given a July 26 deadline to resolve the issue.

BDO Unibank confirmed the Notice was in relation to CGCC's subsidiary Global Gateway Development Corporation (GGDC) and its obligations under the Master Lease Agreement with the Clark International Airport Corporation (CIAC).

Uy's other listed firm all confirmed that there was an "obligation" of $4 million to CIAC by CGCC that was due on July 27.

Udenna meanwhile also reiterated the company did not fail to make any interest or debt repayment, which it said means there has been no event of default.

"We hope this clarifies this matter, and 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," the Uy-led firm said.

Chelsea Logistics, Phoenix Petroleum, DITO CME and PH Resorts, in separate disclosures, have said the issue should have no effect on their business operations and financial conditions.

• Dennis Uy's firm clarifies report, says to 'immediately resolve' issue with CIAC
• Dennis Uy's Udenna insists not in debt default