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ICTSI in talks with banks to acquire Hanjin assets - Report

Logistic News - Published on Tue, 16 Apr 2019

Image Source: PortCalls
International Container Terminal Services Inc is negotiating with banks for the possible acquisition of Hanjin Heavy Industries and Construction Philippines’ (HHIC-Philippines) assets. ICTSI Chairman and President Enrique K. Razon, Jr. told reporters “We’re still making presentations to the banks, the banks own it now. We’re developing a master plan for Hanjin.”

The discussions for the acquisition will include the payment of HHIC-Philippines’ loans and whether ICTSI will have a partner for the venture, among others.

Mr Razon expressed his interest for the bankrupt shipbuilder’s assets back in February. HHIC-Philippines’ facilities are in the Subic Bay Freeport Zone. The local unit of the South Korean shipping company left some $412 million in outstanding loans from Philippine banks after it filed for corporate rehabilitation last Jan. 8. Overall, the company’s assets are estimated at about $1.6 billion.

The listed firm is looking to turn the property into a multipurpose facility, since Mr. Razon said they are not interested in the shipbuilding business.

Source :

Posted By : Rabi Wangkhem on Tue, 16 Apr 2019
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