UDENNA Corp. announced that the notice of declaration of default that was sent to Clark Global City Corp. (CGCC) last July 22, 2022 has already been withdrawn.

According to an official statement, Udenna Corp. said that the affected loan under the Omnibus Loan and Security Agreement involving CGCC, as principal borrower, has been reinstated after payment was made before the deadline of July 27.

To recall, last July 23, 2022 Udenna Corp. confirmed a report that it received a notice of declaration of default on July 22, 2022, adding that the notice of default was issued against subsidiary CGCC, which is developing the 177-hectare Clark Global City in the Clark Freeport Zone, but not Udenna Corp., which is the main holding company of Uy’s business empire.

The issue stemmed from the failure of CGCC to make payments to the Clark International Airport Corp. The outstanding loan stood at $4 million, or roughly P225 million. Several industry officials expressed concern that a default could trigger a crisis because of cross-default provisions.

“With this matter behind us, all parties involved remain committed to working together and cultivating their shared value through an impactful partnership,” the corporation concluded in the statement.