The deal, announced at Malacañang Palace with President Marcos in attendance, marks a significant step in reviving the shipyard which closed in 2019 after its former operator Hanjin defaulted on $1.3 billion in loans, including $400 to local lenders — the Philippines’ largest bankruptcy.
The partnership is expected to create thousands of jobs and attract substantial capital investments for facility upgrades, Cerberus senior managing director Alexander Benard said in an online briefing Wednesday morning.
HD Hyundai KSOE aims to start operations within 12 to 18 months, boosting the Philippines' maritime manufacturing industry.
