SEOUL, Jan. 8 (Yonhap) -- Hanjin Heavy Industries & Construction Co., a midsized shipyard here, said Tuesday that its affiliate in the company's Philippine shipyard has filed for a rehabilitation scheme.
In a regulatory filing, the shipbuilder said HHIC-Phil Inc., which operates the Subic yard, has filed for an insolvency scheme in the archipelago country.
Hanjin Heavy and its affiliate have been suffering from a drop in new orders amid the protracted slump in the global shipbuilding sector.
In 2004, Hanjin Heavy built the shipyard in the Philippines to boost its overall competitiveness.
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