Cerberus Capital Management to acquire the Hanjin shipyard for $300m.

Cerberus Capital Management, a US-based private equity company, agreed to acquire the Hanjin shipyard, which is strategically located in Subic Bay in the Philippines and also the subject of investor interest from China, for $300m. The deal is expected to revive the strategic shipyard, which was a major employer in the Philippines before it filed for bankruptcy protection in early 2019. The shipbuilder sank into financial trouble amid an industry-wide oversupply of cargo vessels, and defaulted on $1.3bn in loans, including $400m from Philippine banks.