Damay-damay na! BDO tanks along with Dennis Uy stocks after threatening to foreclose Udenna’s loans

BDO Unibank got dragged in the Monday sell-off of Dennis Uy stocks after the Sy family-owned lender threatened to foreclose the loans owed by Udenna, the Duterte crony’s holding firm.

BDO plunged 4.62 percent to P115.60 as investors got jittery over the exposure of the country’s biggest bank in Uy’s debt-laden business empire.

BDO was the most traded stock on July 25 as it accounted for nearly a quarter of total trades with P904 billion worth of volume.

Damay buong bayan! Malampaya in peril if BDO forecloses on Udenna assets due to Dennis Uy’s insatiable borrowings

Uy’s stocks dominated the top three worst stocks on Monday.

The worst loser was Phoenix Petroleum Preferred (PNX4) which cratered to an all-time low of P800 before closing at P815, down 16 percent on P19 million worth of trades.

Chelsea Logistics Holdings also nosedived to a historic low of P1.07 before closing at P1.12, down 11.81 percent on P5.32 million turnover.

Chelsea piles up P1B losses from bad credit, DITO losses; Dennis Uy seeks relief from DBP, ChinaBank, BDO on ballooning debt

Phoenix Petroleum (PHX), Uy’s core business before he went Pacman mode during the Duterte administration, fell to a two-year low of P8.71 on P1.62 million worth of trades.

DITO Telecommunity lost 3.43 percent to P3.94 on P64 million turnover.

Clark Global City in ruins? Udenna denies BDO’s default claims, says it is negotiating with gov’t on lease agreement

On Monday, Udenna revealed that it had settled its dues to the state-owned Clark International Corp., its landlord for the 177-hectare Clark Global City project Uy took over from a Kuwaiti group in 2017.

Udenna had previously disputed BDO’s default notice issued Friday, July 23, claiming that it has not missed any principal or interest payment to the bank syndicate led by BDO. Udenna stressed that its payment issues were strictly with CIAC which it had settled before it fell due on July 27.

BDO itself admitted on Monday that Udenna’s loans to the bank were “secured” and assured investors any default would not have an adverse impact on the bank.

Armed client holds bank staff hostage to access savings

An armed customer threatening to set himself ablaze held bank workers hostage throughout the day Thursday in Lebanon’s capital, demanding to withdraw his trapped savings to pay hospital fees, security sources and a family member said.