Hyundai Heavy Industries is the latest shipbuilder to be linked to a takeover of Hanjin Heavy Industries & Construction's Philippines yard, which is under court rehabilitation.
Philippines defence secretary Delfin Lorenzana told reporters: “Lately, I also heard that Hyundai of Korea is also interested,” according to the Business Mirror.
He said companies from the US, Japan, South Korea, Indonesia, Turkey, Europe and Australia are also keen on moving in at the Subic Bay plant.
“The Hanjin shipyard is not actually [bankrupt], has not filed for bankruptcy; it is just asking for rehabilitation because the problem is cash flow. It is still building some ships here, but it needs money to keep operating on a day-to-day basis,” he added.
Lorenzana also said the government would step in if operations had to be halted.
“The government is ready to take over, if and when there is a need to do so,” he added.
The facility filed for rehabilitation last month after defaulting on $400m of loans.
Chinese yards had earlier expressed an interest in the company.
HHI may have its hands full buying South Korean rival DSME, if a plan devised by Korea Development Bank comes to fruition.
