2 other foreign firms eye Hanjin —SBMA

At least two foreign companies have expressed interest to take over or invest in debt-riddled Hanjin Heavy Industries and Construction Philippines, the Subic Bay Metropolitan Authority (SBMA) said Saturday.

"Meron na rin pong mga lumapit sa akin na two other foreign companies na tulungan silang lumapit sa (rehabilitation) receiver at sa Hanjin," SBMA Chairman Wilma Eisma said in an interview with Super Radyo dzBB.

Asked to identify the two foreign firms, Eisma told GMA News Online she is not at liberty to disclose information.

However, she said, "They are not Chinese companies."

The Department of Trade Industry (DTI) has earlier said that two Chinese  shipbuilding companies have expressed intent to invest in financially-embattled Hanjin Philippines.

The Olongapo City Regional Trial Court Branch 72 has officially placed the Korean shipbuilder under corporate rehabilitation as the shipbuilder sought financial relief from its ballooning obligations to local and Korean lenders. 

On January 8, Hanjin Philippines filed a petition before the Regional Trial Court in Olongapo City to initiate voluntary rehabilitation under Republic Act 10142 or “An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and Individuals.”

According to the SBMA, Hanjin Philippines officials had revealed that the company owes Philippine banks some $400 million on top of another $900 million owed to lenders in South Korea.

Eisma said she hopes the negotiations with a "white knight" will be completed before Hanjin is about to lay off 3,000 workers when it finishes its two last orders of ships.

"Hopefully hindi na matanggal ang 3,000 na manggagawa," she said.

Hanjin Philippines was the biggest foreign investor in Subic Bay Freeport Zone.

It was established in 2006 as a subsidiary of South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. Parent Hanjin Heavy is a multi-national company that provides shipbuilding, construction, and plant services in South Korea and internationally.

In the course of its operations, the subsidiary became the biggest employer among all registered businesses in the Subic Bay Freeport Zone with some 30,000 employees at peak season, and was recognized by both the Philippine Exporter Foundation  and the Department of Trade and Industry as a top export performer. —Ted Cordero/KG, GMA News