Subic Bay Metropolitan Authority (SBMA) yesterday announced the takeover by US investment firm Cerberus Capital Management and Agila special purpose vehicle of the shipbuilding facilities of South Korea’s Hanjin Heavy Industries and Construction Philippines at the Subic Bay Freeport Zone.
This was bared by newly-appointed SBMA chairman and administrator Rolen Paulino in turnover ceremonies yesterday.
Government sources said the deal is nearing completion with mid-April as possible target.
One of the sources said Cerberus will enter into an asset purchase agreement with the creditor-banks for the acquisition of the assets while Agila will act as operator of the assets.
Cerberus-Agila had divided the shipyard into two: One for the use of the Philippine Navy (PN) and the other for commercial purposes where global shipbuilders will be invited as locators.
The source said the project has also been offered to the US Development Finance Corp. as part of the humanitarian work of the US Agency for International Development in Southeast Asia.
These actions will maximize the use of the complex that covers 300 hectares.
Following the acquisition, the project will entail restoration of the existing, non- operating shipyard which has ceased operations in 2019 following a loan default.
A bid bulletin for the project reinsurance of the industrial all risks insurance of the SBMA/ Agila NY Naval Inc. / Agila South Inc. / Agila Services Inc. was also posted on the website of the Government Service and Insurance System (GSIS) on Feb. 1, 2022.
The post said Cerberus was to assume the operation of the shipyard facility on Feb. 25, 2022 but no confirmation was obtained as of yesterday.
The post said Cerberus will be the locator of SBMA and will also be leasing the shipyard facility to the tenants/occupants. One of the lessees is the PN which will occupy the Northern Yard.
Austal, one of the shipbuilders that was announced to be keen on Hanjin Subic, is no longer a tenant/occupant, the post said.
No production is going on at the site besides light warehousing, site security, clean-up and general maintenance but the PN is said to ramp up operations in the Northern part of the yard post-closing.
These operations will include billeting, office work, light warehousing and docking and general ship operations.
Local banks BDO Unibank Inc., Metropolitan Bank & Trust Co., government-owned Land Bank of the Philippines, Bank of the Philippine Islands and RCBC have a combined exposure of P21 billion exposure to Hanjin.
