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Philippine tycoon Dennis Uy's group says default avoided

Listed units' share price took hit after banks served notice to Udenna

Dennis Uy has aggresively expanded over the last six years into various sectors, including power, telecommunications, shipping and casinos. (Source photo by AFP/Jiji and Udenna website)

MANILA -- Philippine tycoon Dennis Uy's Udenna holding company said on Monday that a key subsidiary has settled its obligations after lenders had warned of a damaging potential debt default.

Fears of a default had sparked a share sell-off in listed units of Udenna on Monday morning, following news over the weekend that a consortium of banks had delivered "notice of declaration of default" to the company.

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