US-based private equity firm Cerberus is set to buy the Philippines’ insolvent Hanjin Subic Bay shipyard in a $300m deal, reported Reuters.
Prior to defaulting on $1.3bn of loans in 2019, the shipyard was operated by Hanjin Philippines. It owes $412m in debts to various Filipino banks.
The Philippines’ Navy is also planning to lease a third of the 300ha shipyard from Cerberus for its own base, according to a source familiar with the matter.
Read more: Ship Tecnology
