The Philippines’ biggest shipowner Udenna Corp has avoided any action by banks by making a debt payment related to an airport lease contract.
The Dennis Uy-owned group said it was not in default at any point after it handed over $4m to state-controlled Clark International Airport Corporation (CIAC).
Udenna said Uy’s Clark Global City Corporation (CGCC), CIAC and a consortium of banks led by BDO Unibank have “settled the matter” over debt owed under a lease agreement.
