A Philippines court has approved the rehabilitation scheme filed by Hanjin Heavy Industries & Construction's Subic Bay shipyard.
The Korean yard group applied for the restructuring process last week.
The HHIC-Phil yard is reported to have defaulted on $400m in bank loans.
Domestic tanker and ferry owner Dennis Uy was reported to have examined the yard last year, but he has now said he is not interested in the business.
And at least two big Chinese shipbuilders have enquired about a takeover.
This is according to Philippines trade undersecretary Ceferino Rodolfo, but he has not named the companies, the Nikkei daily said.
Orders have been tailing off as owners remain cautious on newbuildings in most sectors.
The yard was founded in 2004 and has 16 vessels - 14 aframaxes and two VLGCs - in its orderbook.
It won eight new contracts last year: aframaxes for CMB, Cukurova Holding and Eastern Pacific, according to Clarksons.
Deliveries run into 2021.
Assets have been valued at $1.64bn, with 4,000 people employed there.
