Bilyonaryo Enrique K. Razon remains keen on Hanjin Heavy Industries and Construction Philippines’ assets in Subic.
On the sidelines of International Container Terminal Services Inc.’s annual meeting, Razon, chairman and president of the global port operator, said he started discussions with the Korean shipbuilder’s creditor banks.
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Razon maintained that he was interested in developing Hanjin’s facilities in Subic Freeport into a multi-purpose complex with container port facilities, a liquefied natural gas terminal, dry bulk handling facilities and agricultural support handling.
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“We don’t want to have anything to do with shipbuilding. It is a large facility so it will be several things,” he said.
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“We’re still making presentations to the banks and developing a master plan for Hanjin,” Razon said.
Hanjin filed for receivership in January after suffering tight liquidity problems that hobbled its ability to settle $1.3 billion in debts to South Korean and Philippine lenders.
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It owes five Philippine banks around $412 million. Rizal Commercial Banking Corp. is the biggest creditor here with a loan exposure of $140 million followed by Land Bank of the Philippines ($80 million), Metropolitan Bank and Trust Co. ($72 million), BDO Unibank ($60 million) and Bank of the Philippine Islands ($52 million).
