ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Philippine ports king joins bid to rescue Hanjin shipyard

Tycoon looks to convert site into multipurpose industrial complex

Razon is president and chairman of ICTSI, which operates over 20 ports across the globe. (Photo by Cliff Venzon)

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more