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Dutch and US groups show interest in Philippine shipyard rescue

Damen in talks on options for Subic Bay facility

A Dutch and a U.S. shipbuilder have expressed interest in buying the Philippines' largest shipyard, raising hopes for a rescue of the financially troubled facility. (Photo courtesy of HHIC Phil)

MANILA -- The Philippines' largest shipyard, which collapsed in January with $1.3 billion in debt, has attracted interest from Dutch and U.S. shipbuilders, amid political opposition to a Chinese takeover.

Netherlands-based Damen Group, one of Europe's biggest family-owned shipbuilders, and an unnamed U.S. shipbuilder are in talks with the Philippine unit of South Korea's Hanjin Heavy Industries and Construction and its creditors about a variety of options to keep the yard going. Rosario Bernaldo, the new receiver overseeing HHIC-Phil's corporate rehabilitation, said both shipbuilders were conducting due diligence on the yard.

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