SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported) Jul 25, 20222. SEC Identification Number CS200912693. BIR Tax Identification No. 0072368530004. Exact name of issuer as specified in its charter PH RESORTS GROUP HOLDINGS, INC.5. Province, country or other jurisdiction of incorporation Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 20th Floor Udenna Tower, Rizal Drive corner 4th Avenue, Bonifacio Global City, Taguig CityPostal Code16348. Issuer's telephone number, including area code 632840340079. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
7,282,017,027
11. Indicate the item numbers reported herein Item 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
PH Resorts Group Holdings, Inc.PHR
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Clarification of various news articles in newspapers on July 23, 2022 and in particular the news article entitled "Dennis Uy's Udenna insists not in debt default".
Source
abs-cbn.com
Subject of News Report
Dennis Uy's Udenna insists not in debt default
Date of Publication
Jul 23, 2022
Clarification of News Report
We write in connection with the various news articles published in various newspapers on July 23, 2022, and in particular, the news article entitled "Dennis Uy's Udenna insists not in debt default " posted online on abs-cbn.com.
On July 22, 2022, Clark Global City Corp. ("CGCC"), a subsidiary of Udenna Corporation and an affiliate of PH Resorts Group Holdings, Inc. ("PHR"), received a Notice of Declaration of Default from a consortium of banks led by BDO Unibank, Inc., as Majority Lender, on the grounds of "continuing and irremediable Events of Default" in relation to the Master Lease Agreement between Clark International Airport Corporation ("CIAC") and Global Gateway Development Corporation ("GGDC"), a subsidiary of CGCC.
To clarify, the declaration of default is in relation to certain obligations of GGDC with CIAC, which are due only on Wednesday, 27 July 2022. To be clear, CGCC or GGDC did not fail to make any interest or principal repayments with its debt to the consortium banks and thus, in contention, CGCC replied to the consortium banks to dispute the default conclusion and clarified that, under the circumstances, there has been, in fact, no Event of Default or, at the very least, no irremediable Event of Default, under the Master Lease Agreement on the part of CGCC or GGDC. The liability of US$4 million stated in the article was not a liability to the consortium banks but an obligation of GGDC to CIAC.
Nevertheless, GGDC and CGCC are going to immediately resolve this matter with the CIAC today, 25 July 2022, or before the stated deadline of 27 July 2022. Upon resolution of this matter, any default scenario under the Master Lease Agreement with CIAC or the debt liabilities with the consortium of banks will not exist.
Thus, by virtue of the above, there should be no effect on the business, financial condition, and operations of the PHR. We trust that we have been able to clearly state our position on the matter.
Other Relevant Information
None
Filed on behalf by:
Name
Leandro Abarquez
Designation
Corporate Secretary
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Disclaimer
PH Resorts Group Holdings Inc. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 01:23:00 UTC.
PH Resorts Group Holdings, Inc. is a Philippines-based holding company of PH Travel and Leisure Holdings Corp. (PH Trave). PH Trave is a holding company for the gaming and hospitality arm of the Udenna Group, which includes LapuLapu Leisure, Inc., The Base Corp., and Donatela Hotel Panglao Corp. LapuLapu Leisure, Inc. is the developer of Emerald, an integrated tourism resort to be located on a prime beachfront area on Mactan Island, Lapu-Lapu City, Cebu. Clark Grand Leisure Corp. is the developer of The Base, an integrated tourism resort to be located in Clark Freeport Zone, Luzon, Philippines. Donatela Hotel Panglao Corp. is the owner of the Donatela Hotel, a boutique-style, upscale hotel in Tawala, Panglao Island, Bohol. The Donatela Hotel has 12 upscale villas with pools, fine-dining restaurants and a wine cellar. It is located on a 7.5 hectares property approximately a 14-minute drive from the Bohol International Airport. It has two segments: Hotel and restaurant and Gaming.