PH Resorts to Streamline Operations Through Major Restructuring Program

MANILA, Philippines — Dennis Uy’s Udenna Corp. is repositioning listed PH Resorts Group Holdings Inc. as a streamlined holding company with significantly reduced legacy obligations through a planned restructuring program. Udenna, the parent company of PH Resorts, has developed a comprehensive financial and corporate restructuring plan designed to improve the listed firm’s financial position, simplify its corporate structure and enhance its long-term sustainability. PH Resorts said a significant component of the restructuring plan involves the proposed separation of PH Travel and Leisure Holdings Corp. and its subsidiaries from the company. Under the proposed restructuring, Udenna plans to acquire PH Resort’s ownership interest in PH Travel through the settlement of outstanding advances payable by PH Resorts to Udenna. The transaction is intended to simplify the group’s structure and substantially reduce outstanding related party advances. In connection with the proposed restructuring, PH Resorts said Udenna has committed to continue providing financial support to the group and intends to facilitate the settlement and assumption of significant obligations associated with the PH Travel subgroup, including certain trade payables and related-party obligations. PH Resorts said its management has likewise initiated the rationalization of outstanding intercompany balances within the Udenna Group through the offset and settlement of reciprocal receivables and payables. “These initiatives are expected to simplify the group’s capital structure, reduce related-party exposures, improve the PH Resort’s financial position and enhance its ability to pursue future capital raising initiatives, strategic partnerships and other corporate transactions,” the company said. PH Resorts said Udenna continues to fund the group’s necessary operating expenditures, asset preservation costs and other essential cash requirements while the restructuring initiatives are being implemented. It said opportunities are also continuously being evaluated by management to restructure existing obligations, optimize the group’s capital structure and pursue other value-enhancing transactions to improve liquidity and financial flexibility. “Based on management’s assessment of the progress of the restructuring initiatives, the continuing financial support of Udenna, and management’s expectation that the foregoing plans will be successfully implemented, management believes that the group will have sufficient financial resources to meet its obligations as they fall due and continue its operations for the foreseeable future,” PH Resorts said. PH Resorts, through PH Travel and its subsidiaries, is engaged in real estate property development. PH Travel holds investments in certain subsidiaries incorporated in the Philippines, like LapuLapu Leisure Inc. (LLI), LapuLapu Land Corp. (LLC), Clark Grand Leisure Corp. (CGLC), Donatela Hotel Panglao Corp. (DHPC) and Davao PH Resort Corp. (DPRC). LLI and LLC were the companies behind the development of the Emerald Bay integrated tourism resort project in Cebu. However, on December 2025, the Philippine Amusement and Gaming Corp. revoked the provisional license it issued in 2017. DHPC, for its part, is the owner of the Donatela Resort & Sanctuary, a boutique-style upscale hotel in Bohol. Certain land and improvements pledged as collateral for DHPC’s loan with Land Bank of the Philippines were subjected to extrajudicial foreclosure proceedings this year. As there were no other bidders during the foreclosure auctions, Landbank was declared the highest bidder. PH Resorts said the parties are currently awaiting court confirmation of the sale, upon which ownership of the foreclosed properties will be transferred to Landbank. Information Source: Philstar Business