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.
