Deals
Austal, Cerberus Line Up Bid for Biggest Shipyard in Philippines
- Hanjin has been trying to revive cash-strapped Philippine unit
- Consortium expected to make a bid before Oct. 31 deadline
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A consortium of Australian shipbuilder Austal Ltd. and U.S. private equity firm Cerberus Capital Management LP could make an offer in the coming weeks for Hanjin Heavy Industries & Construction Co.’s cash-strapped shipyard in the Philippines.
The companies, which have until Oct. 31 to submit a bid, are in exclusive talks with creditors and finishing up due diligence, court-appointed receiver Rosario Bernaldo said in a phone interview Tuesday. The shipyard in Zambales province to the northwest of Manila is the country’s largest, covering 300 hectares.