Banks Eye Hanjin PH Debt Resolution

Local bank creditors of Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), the local unit of Korea’s shipbuilding giant Hanjin, expect resolution of the shipbuilder’s debt within the year. The local Hanjin owes five local banks a total of $412 million, considered as the biggest corporate default in the country, the Manila Bulletin reported. Among the creditor banks, Rizal Commercial Banking Corp. (RCBC) has the biggest loan exposure of $140 million followed by state-owned Land Bank of the Philippines with an estimated $80 million. Metrobank has $72 million while the Bank of the Philippine Islands has about $60 million and Banco de Oro (BDO), $60 million. Aside from its local debts, Hanjin also owes $900 million from South Korean creditors. John Thomas G. Deveras, Jr., senior vice-president of RCBC, said he expects Hanjin’s earlier debt resolution this year based on their talks with potential investors. Read more