Udenna to reposition Philippines Resorts via major restructuring program
Dennis Uy’s U. is repositioning listed PH Resorts Group Holdings Inc. as a streamlined holding company with significantly reduced legacy obligations through a planned restructuring program.
MANILA, Philippines — The Philippine-based hospitality giant PH Resorts Group Holdings Inc., managed by Dennis Uy’s Udenna Corp., is undertaking a major restructuring program aimed at simplifying its corporate structure and reducing legacy obligations. The plan includes the separation of PH Travel and Leisure Holdings Corp. and its subsidiaries from the parent company.
In the proposed restructuring, Udenna intends to acquire PH Resort’s stake in PH Travel through the settlement of outstanding advances from Udenna. The company assures financial support to the group and aims to settle significant related-party obligations, including trade payables, to enhance its financial position and long-term sustainability.
PH Resorts highlighted the rationalization of intercompany balances within the Udenna Group, which is expected to optimize the capital structure and boost liquidity. The restructuring initiatives are designed to facilitate future capital raising, strategic partnerships, and other corporate transactions. PH Resorts' real estate development arm, through its subsidiary PH Travel and related entities, is involved in various projects, including the Emerald Bay integrated tourism resort in Cebu.
However, the Philippine Amusement and Gaming Corp. recently revoked the provisional license for the project, and a foreclosure proceeding resulted in Landbank of the Philippines becoming the highest bidder for the foreclosed land and improvements.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
