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Hanjin Heavy's overseas affiliate files for rehabilitation scheme

Industry 14:40 January 08, 2019

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.

This photo shows Hanjin Heavy's Subic shipyard in the Philippines. (Yonhap)

sam@yna.co.kr
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