MANILA -- A group led by Philippine ports tycoon Enrique Razon has pitched a rescue plan to the creditors of the country's largest shipyard operator, whose recent collapse attracted interest from foreign companies and the Philippine government.
Razon in early February expressed interest in the Subic Bay facility of Hanjin Heavy Industries and Construction Philippines, or HHIC-Phil, after it filed for corporate rehabilitation in early January. On Thursday, he said his group has started engaging the five local lenders, which now own part of the shipyard after converting debts of $412 million into equity.
