The bible of Philippine politics

Baka makalusot China? DND to monitor investors keen on Hanjin

372

Department of National Defense (DND) Secretary Delfin Lorenzana on Monday said they would monitor investors looking into the bankrupt Hanjin Heavy Industries and Construction Philippines (HHIC-Phil).

“We defer to the economic team in this area. But we (are) interested to know who are coming to invest,” Lorenzana said. Lorenzana made the statement after two unnamed Chinese firms were reported to have expressed interest in taking over Hanjin which operates inside the former American naval base in Subic.

Lorenzana said HHIC-Phil was near the Philippine Navy’s major docking and anchorage area of its large naval vessels.

“After all, Subic Bay is also a major docking and anchorage of our big ships. We will monitor who are interested to invest,” Lorenzana said.

HHIC-Phil declared bankruptcy with $1.3 billion in outstanding loans of which $400 million come from Philippine banks.

According to Subic Bay Metropolitan Authority (SBMA), the HHIC-Phil filed a petition last Tuesday at the Regional Trial Court in Olongapo City “to initiate voluntary rehabilitation under Republic Act 10142, otherwise known as An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and Individuals”.

The petition is to seek help from the government to find investors that can take over the operation of HHIC-Phil shipyard in Subic, as well as to help its employees, who have carried the brunt of the company’s financial woes.

In December 2018, the company laid off more than 7,000 workers. (PNA)

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy