Hanjin Heavy comes to an agreement with lenders in Manila

Troubled Hanjin Heavy Industries & Construction (HHIC) from South Korea has reached an agreement on debt rescheduling for its Philippine affiliate, HHIC-Phil, Southeast Asia’s largest shipyard by area size.

The debt rescheduling scheme, which includes a debt-for-equity swap with Philippine lenders, will be submitted to a court in the Philippines in the next fortnight.

Hanjin Heavy, South Korea’s oldest shipbuilder, is also negotiating with its lenders on home soil on the debt-for-equity swap.

HHIC-Phil sought court rehabilitation last month weighed down by debts reportedly in excess of $1bn.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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