Author Topic: China's interest in Hanjin Shipyard, Philippines  (Read 33 times)

MCentaur

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China's interest in Hanjin Shipyard, Philippines
« on: April 02, 2019, 05:40:12 PM »
China's interest in the shipyard has also attracted the attention of western media because of the implications of such a takeover:

Philippine Star

Quote
Hanjin takeover not limited to Chinese — gov’t
    Jaime Laude (The Philippine Star) - April 3, 2019 - 12:00am
    MANILA, Philippines — While two Chinese shipbuilding companies are waiting in the wings for their planned takeover of the debt-ridden Hanjin Heavy Industries (HHI), the Philippine government is also talking to other interested parties to bail out the debt-ridden shipbuilding firm.
    Defense Secretary Delfin Lorenzana disclosed this yesterday, saying firms from United States, Japan, some European countries, Singapore and Indonesia have also signified interest in Hanjin.
    “They’re (Chinese firms) waiting in the wings,” Lorenzana told the foreign media during his initial meeting with US Secretary of Defense Patrick Shanahan.
    (...SNIPPED)

Plus more background to put the latest development above in context:

Philippine Star

Quote
Hanjin Philippines shipbuilding bankruptcy
    CROSSROADS (Toward Philippine Economic and Social Progress) - Gerardo P. Sicat (The Philippine Star) - January 16, 2019 - 12:00am
    The Philippine business community was rocked on Jan. 8 by the announcement of the bankruptcy of Hanjin Heavy Industries and Construction Philippines – the Korean shipbuilding company based in the country.
    The biggest corporate bankruptcy. This is the biggest corporate bankruptcy to ever hit the Philippines. Hanjin is the biggest foreign investor in the Subic Bay Freeport Zone.
    According to news reports, the firm has sought, in a court filing before the regional court in Subic, voluntary rehabilitation under Republic Act 10142. This law, only recently passed in 2010, provides the appropriate mechanisms for the rehabilitation or liquidation of financially distressed companies.

    Hanjin Philippines has become financially distressed due to its heavy debt. With revenues falling behind, it cannot support its operations anymore under the burden of its current debt.
    (...SNIPPED)
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