The Philippine business community was rocked on Jan. 8 by the announcement of the bankruptcy of Hanjin Heavy Industries and Construction Philippines the Korean shipbuilding company based in the country.
The biggest corporate bankruptcy. This is the biggest corporate bankruptcy to ever hit the Philippines. Hanjin is the biggest foreign investor in the Subic Bay Freeport Zone.
According to news reports, the firm has sought, in a court filing before the regional court in Subic, voluntary rehabilitation under Republic Act 10142. This law, only recently passed in 2010, provides the appropriate mechanisms for the rehabilitation or liquidation of financially distressed companies.
Hanjin Philippines has become financ…
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