From creditor to landlord: Sy-blings’ China Bank foreclose Dennis Uy’s Mactan property so cash-strapped, debt-laden PH Resorts can finish Emerald Bay casino

Duterte crony Dennis Uy has finally struck a bailout deal with China Banking Corp. (CBC) led by ultra bilyonaryo Hans Sy after three years.

Uy’s PH Resorts Group Holdings (PHR) disclosed that its subsidiaries have successfully restructured their loans with CBC through a sale and leaseback agreement with an option to buy back certain land and improvements of the stalled Emerald Bay casino hotel project in Mactan, Cebu.

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PHR had been in talks with CBC to extend payment for its P6.04 billion loan after failing to meet debt covenants.

CBC’s loans were secured by a corporate guarantee from Uy’s Udenna Corp.

A portion of the CBC loans (P2.1 billion) was used to acquire the 12.5-hectare beach property where PHR is constructing the long-delayed Emerald Bay.

As part of the deal, PHR’s subsidiaries can repay the P3.1 billion bridge loan facility from Chinabank in 2018.

Simultaneously, PHR retains possession of the property to complete the construction of the Emerald Bay Project, which began in 2017 and was initially set to open in 2021.

The agreement includes an option for Uy to repurchase the properties.

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