Duterte crony Dennis Uy buys 70% of debt-mired PH dealer of Ferrari, Maserati
Bilyonaryo Dennis Uy has given a lifeline to Wellington Soong to save his debt-saddled Autostrada Motore Inc. from bankruptcy.
A Bilyonaryo source said Uy would take 70 percent control of the local dealership which owns the exclusive rights to sell Ferrari and Maserati in the Philippines.
The Duterte crony is reportedly assuming Soong’s debts and responsibilities with a planned golden parachute for the luxury car pioneer.
The source said Soong had reportedly amassed as much as P1 billion in revolving debt before he sold the Jaguar Land Rover distributorship to Felix Ang’s Auto Nation Group last year.
Autostrada’s problems could be traced to dozens of Maseratis in its warehouse, the source said.
The source said the Ferrari line was more manageable with five units sold a year but Soong’s biggest problem was buyers prefer to buy their Prancing Horse toys from the grey market.