Local Shipbuilding

National Affairs, Ship-Design, Shipbuilding 24-May-2019

Creditors Bail out Hanjin Heavy Industries

The creditors of Hanjin Heavy Industries and Construction (HHIC), the financially troubled South Korean shipbuilder, are expected to receive compensation for unpaid loans in a debt-for-equity swap, which will leave them in control of the company. Korea Development Bank (KDB), the state-owned policy bank which holds the largest share of HHIC’s outstanding debt, said that the group of creditors have…

Domestic Shipping, National Affairs, Shipbuilding 15-Mar-2019

In Depth: Court Gives Nod to HHIC-Phil’s Rehabilitation Process

The Regional Trial Court in Olongapo City, Philippines, has approved the petition for rehabilitation filed by Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), a Philippine-based shipbuilding brand of South Korea’s Hyundai Heavy Industries Corporation. The decision to commence the rehabilitation process was received by both Hyundai Corporation and its debt-ridden subsidiary, a regulatory filing said. The relief in rehabilitation was…