South Korea's Hyundai in talks to expand Subic Bay ship business

MANILA/SEOUL -- South Korea's HD Hyundai Heavy Industries is in talks to expand its ship-related business in Subic Bay in the Philippines, potentially bolstering efforts led by a U.S. fund to revive the shipyard, which is strategically located at a former American naval base.

Hyundai already performs ship repairs and maintenance at the Subic yard, which U.S. private equity group Cerberus Capital Management took over last year after its former owner went bankrupt.