BUSINESS reporters around town got a rare chance to talk about something exciting over the weekend, after a consortium of banks led by BDO Unibank Inc. issued a notice of default against Clark Global City Corp., a subsidiary of Udenna Corp. led by unabashed crony of former president Duterte — Dennis Uy.
The notice, which was issued late on Friday, July 22, was triggered by "continuing and irremediable events of default" of a long-term lease agreement between state-run Clark International Airport Corp. (CIAC) and Global Gateway Development Corp. (GGDC). GGDC holds the lease to the 177-hectare property being developed as the Clark Global City, and was acquired — along with its liabilities, of course— by Clark Global City Corp. in 2017 as part of Uy's years-long, heavily leveraged buying spree during Duterte's term.
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