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Business deals

Cerberus to take over Subic Bay shipyard near South China Sea

US fund nears deal on strategic Philippine facility that stirred China interest

An affiliate of Cerberus, a U.S. fund, is about to get a 50-year lease on the 300-hectare shipyard at Subic Bay, the former U.S. naval base turned economic zone. (Photo courtesy of Subic Bay Metropolitan Authority)

MANILA -- Cerberus Capital Management, a U.S. private equity company, is poised to take over the bankrupt Hanjin shipyard, which is strategically located in Subic Bay in the Philippines and also the subject of investor interest from China.

Cerberus, shipyard owner Hanjin Heavy Industries and Construction of South Korea, and creditors are finalizing documentation and plan to close the deal by April 15, three people familiar with the negotiations told Nikkei Asia.

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