South Korea's Hanjin Heavy Industries & Construction has agreed a debt restructuring deal for its Philippines shipyard.
It said on Friday that the rescheduling agreement with creditors will be submitted to a local court by the end of February, the Yonhap news agency reported.
The Subic Bay yard, HHIC-Phil, filed for rehabilitation in January after defaulting on $400m of debt.
Hanjin has agreed to swap Philippines lenders' debt for equity. The yard group is in talks with its South Korean lenders on a similar scheme.
The company had its shares suspended this week due to "capital erosion".
A buyer is still being sought for HHIC-Phil, with potential investors in the US, China and elsewhere interested.
