by Vic V. Vizcocho Jr.
Olongapo City — The Regional Trial Court Branch 72 here has declared the Korean Shipbuilder Hanjin (HHIC Phil Inc.) in the Subic Bay Freeport to be under rehabilitation and appointed Stefani C. Saño as rehabilitation receiver.
Saño is a former director of the Subic Bay Metropolitan Authority (SBMA) and Senior Deputy Administrator as head of its Business and Investment Group.
Acting on the petition filed by Hanjin on January 9, 2019 for Corporate Rehabilitation pursuant to Republic Act no. 101142 also known as “The Rehabilitation and Insolvency Act of 2010,” and A.M. no. 12-12-11-SC or “The Financial Rehabilitation Rules of Procedure (2013),” Judge Richard A. Paradeza recently issued the Commencement Order for the rehab of Hanjin retroactive to the date of filing of the petition.
Hanjin claimed in its petition that due to liquidity and cash flow problems, it will be “unable to repay its borrowings obtained through shipbuilding financing,” amounting to some $412 M from Philippine banks alone.
Paradeza’s Commencement Order also suspends “all actions or proceedings in court or otherwise, for the enforcement of all claims against HHIC Phil. Inc.,” as well as ““all actions to enforce any judgement, attachment or other provisional remedies”” against the company.
Meanwhile, Saño said a study is necessary to “see if rehabilitation is the bast way to address the concern.”
Various entities, both local and foreign, have manifested interests in taking over Hanjin, including China-owned companies that some quarters find as cause for national security concerns. (VVV)