The plan would move PH Travel and Leisure Holdings Corp., which houses substantially all its operating businesses and liabilities, to parent Udenna Corp.
“There can be no assurance that this timeline will be achieved, and the Company will promptly disclose to the Exchange any material developments that may affect it,” PH Resorts said.
PH Resorts had a P5.95-billion capital deficiency as of June 30 this year, meaning its total liabilities had pushed the group’s shareholder equity deep into the red.
A very different PH Resorts
The restructuring would leave PH Resorts, at least initially, as a listed holding company with no active business operations or material liabilities, while Udenna continues providing financial support.
PH Travel holds the group’s gaming and tourism businesses, including subsidiaries tied to the failed Emerald Bay casino project in Cebu, whose provisional license was revoked by Pagcor in December 2025.
Most of the financial burden also sits there: while the group had a P5.95-billion capital deficiency, the portion attributable to shareholders of the listed parent was a much smaller P478.4 million as of June 30.
Searching for what comes next
The latest plan replaces a July 2025 proposal to convert about P4.09 billion in Udenna advances and deposits into PH Resorts shares, which was never completed.
The board approved the broader restructuring in principle on Sept. 4, but it still requires definitive agreements, further reviews, shareholder approval and other necessary clearances.
PH Resorts is also seeking to raise its authorized capital to P20 billion from P8 billion, creating room for fresh equity as it looks for new businesses, investments or asset infusions to put its finances back in positive territory.
—Edited by Miguel R. Camus
