Hanjin shipyard’s savior–not Chinese–is coming

A foreign shipbuilding giant could take over the Subic shipyard left behind by Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) before the end of the year.

Subic Bay Metropolitan Authority Chair and Administrator Wilma Eisma told reporters on Wednesday the negotiations between the potential new owner of HHIC-Phil’s shipyard and the five creditor-banks led by Yuchengco-owned Rizal Commercial Banking Corp. were moving forward ahead of a December deadline.

“Mukhang umaasenso (it’s progressing),” she said.

The Department of Finance was also involved in the negotiations due to the exposure of state-run Land Bank of the Philippines, Eisma said.

The three other lenders with exposure to HHIC-Phil are

Banco De Oro Unibank Inc., Bank of the Philippine Islands and Metropolitan Bank and Trust Co.

Eisma denied that the potential white knight was a Chinese company, contrary to earlier reports, but she declined to identify the firm.

According to Eisma, the deal to take over HHIC-Phil’s shipyard may happen “even sooner” than the deadline.

She said it would be possible that HHIC-Phil’s 33,000 employees could return to their jobs once the white knight poured in fresh investments.

Eisma said the shipyard was appealing to many investors—shipbuilder or not—due to the sprawling 300-hectare property and HHIC-Phil’s close to $2-billion assets that dwarfed the $411-million debt.

Another shipbuilder was also ready to step in in case the original plan falls through.