BREAKING: Banco de Oro Universal Bank moved to foreclose on the loan collateral of Dennis Uy of Davao late Friday, firing the opening salvo in a series of moves that could lead to the largest corporate default in Philippine history. (Read More Here).
Information reads: “Conservatively, Dennis Uy’s outstanding loans today should be at around P70 billion to P80 billion, excluding the loans of Dito Telecommunity which were lent by banks on the basis of China Telecom’s credit standing,” said another person familiar with the deal.
“Foreclosure is not the preferred option,” he said. “The situation can be remedied if they are willing to work with the banks.”
“Conservatively, Dennis Uy’s outstanding loans today should be at around P70 billion to P80 billion, excluding the loans of Dito Telecommunity which were lent by banks on the basis of China Telecom’s credit standing,” said another person familiar with the deal.”
