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Strapped Hanjin Files for Rehab

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Strapped Hanjin Files for Rehab Subic bay news vol 11 no 50 15.00Php Cash- Strapped Hanjin Files For Rehab SUBIC BAY FREEPORT — Subic Bay Met- ropolitan Authority (SBMA) Chairman Wilma T. Eisma said she was saddened to learn that Korean shipbuilder Hanjin Heavy Industries and Construction Phil- ippines (HHIC-Phil) is facing serious fi- nancial trouble. Hanjin, which is currently the biggest foreign investor in the Subic Bay Freeport Zone, filed on Tuesday a petition at the Regional Trial Court in Olongapo City to initiate voluntary re- habilitation under Republic Act 10142, otherwise known as “An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and In- dividuals”. Hanjin officials, Eisma said, had revealed that the company owes some $400 million in outstanding loans from Philippine banks on top of another $900 million in debts with lenders in South Ko- rea. Eisma said she was informed that the company still has six pending multi-million newbuilding projects at its Redondo Peninsula shipyard here, and that these may have to be cancelled if a rehabilitation plan does not materialize. “The bottom line is that the com- pany said it does not have enough cash to repay its loans, and that it cannot con- tinue with its operations under these cir- cumstances,” Eisma said. “It’s really sad that Hanjin would be in dire financial straits after success- fully building some of the world’s biggest ships here and putting the Philippines in the map as the world’s fifth largest ship- builder,” she added. HHIC-Phil, which has focused in building high-value vessels, was estab- lished in 2006 as a subsidiary of Hanjin Heavy Industries & Construction Co., Ltd., a multi-national company that pro- vides shipbuilding, construction, and plant services in South Korea and inter- nationally. After frenzied construction of its 300-hectare shipyard began in May 2006, HHIC-Phil rolled out its first ship, the “Argolikos” in July 2008. With some $2.3 billion in for- eign direct investments here, the firm proceeded to manufacture some of the world’s biggest cargo and container Hanjin shipyard at the Subic Bay Freeport Zone ships, bulk carriers, liquefied petroleum gas carriers, very large crude oil carriers (VLCC) and very large ore carriers (VLOC). Land Bank opens loan facilities to Subic Freeport MSMEs According to company records, SUBIC BAY FREEPORT – A financial assis- through the Zambales Lending Center, a prises, cooperatives, as well as non-SBFZ Hanjin has delivered since 2008 a total of tance program is now available here for unit of the Land Bank that was formerly companies that are accredited to deliver 123 vessels to valued clients across the Micro, Small, and Medium Enterprises located in Dinalupihan, Bataan. goods and services in the Freeport. globe, thus cementing its foothold in the (MSMEs) that are accredited to deliver “As the number one government She said that processing time for highly competitive shipbuilding market. goods and services in the Subic Bay Free- financial institution, Land Bank is always MSME loan would take around 45 days, In the course of its operation, port Zone (SBFZ). here to help the community on their fi- after the applicant submitted a complete the Korean firm also became the biggest SBMA Chairman and Administra- nancial needs. With the transfer of our set of the requirements. employer among all registered business- tor Wilma Eisma said the SBMA has part- Lending Center to Subic, we will be in San Diego added that her office es in the Subic Bay Freeport Zone with nered with the Land Bank of the Philip- a better position to help the public, -es has already received several some appli- some 30,000 employees at peak season, pines (LBP) to provide loan facilities to pecially MSMEs needing financial assis- cations after the center relocated from and was recognized by both the Philip- MSMEs and other logistics-focused com- tance,” he added. Bataan to Subic Bay. pine Exporter Foundation (Philexport) panies as part of the agency’s port mar- Land Bank is a universal bank One of the applicants, she said, and the Department of Trade and Indus- keting initiative. owned by the Philippine government is a transport cooperative that proposes try (DTI) as top export performer. The SBMA had initiated talks with a special focus on serving the needs to field electric buses at Subic’s CBD area However, in face of recent liquid- with the LBP as early as February last of farmers and fishermen and keeping to provide a cheaper alternative to the ity problem, Hanjin has laid off more year to push for the loan facility under them financially viable to help promote riding public. than 7,000 workers last December, Eisma the agency’s program to assist MSMEs countryside development. The proponent reportedly plans said. The firm is about to lay off another operating in the Freeport, she said. Zambales Lending Center man- to put up initially a fleet of 10 elec- 3,000 early this year until just about 300 According to Land Bank Subic Bay ager Ma. Marita San Diego said that this tric buses, with designated stops and local workers and as few as seven Korean branch manager Edwin Manalo, interest- partnership with the SBMA is especially charging stations. see HANJIN, page 2 ed MSMEs can avail of the loan facility intended for corporations, private enter- Subic Bay News www.subicbaynews.com 02 First ‘Suking Tindahan’ LEGAL NOTICE in Olongapo City Republic of the Philippines REGIONAL TRIAL COURT Third Judicial Region Republic of the Philippines Olongapo City REGIONAL TRIAL COURT Third Judicial Region Office of the Clerk of Court BRANCH 75 & Ex-Oficio Sheriff Olongapo City ZAMBALES RURAL BANK, RE: CANCELLATION OF THE INC. (formerly Rural Bank of RECORD OF BIRTH OF Castillejos, (Z) Inc.), YSABELLA MARTIN BAGASIN Mortgagee, WITH THE OFFICE OF THE --versus- CITY REGISTRAR OF EJF Case No. 2018-0-29 OLONGAPO CITY, ZAMBALES Extra-Judicial foreclosure of x-------------------------------------x real estate mortgage under Acting Mayor Lugie Lipumano (left) and DTI Provincial Act 3135 as amended By Act SPOUSES RANDY P. BAGASIN Director Leonila T. Baluyut (2nd from right) confer the 4118 and DESIREE MARTIN – BAGASIN 'Suking Tindahan Seal' to Barretto Mini Mart, the first and ARLINE SAN ANDRES - PARAISO, recipient in Olongapo City. (DTI) SPS. SMARTH E. ADOLFO and JYRLYN Petitioner, The Department of Trade and Industry (DTI) has con- J. ADOLFO as Atty-in-fact of SPS. ferred its 'Suking Tindahan Seal' to Barretto Mini Mart, SANTO D. ADOLFO and FLORDELIZA E. -versus- the first recipient in Olongapo City. ADOLFO, “We award this to existing privately-owned ma- Mortgagor/s. SP PROC. NO. 2018-0-49 jor sari-sari stores or cooperatives who are committed x--------------------------------------------------x to sell basic necessities and prime commodities within or lower the suggested retail price (SRP),” DTI Provincial NOTICE OF SHERIFF’S SALE OFFICE OF THE CITY REGISTRAR Director Leonila T. Baluyut said. OF OLONGAPO CITY, ZAMBALES, ETAL., The store should carry at least 50 percent of the Upon application of extra-judicial foreclosure basic necessities and 50 percent of the prime commod- for sale under Act 3135, as amended by Act 4118 Respondents. ities which are under the jurisdiction of DTI. It may also filed by the mortgagee, ZAMBALES RURAL BANK, INC. sell products not covered by SRP but must be at reason- (formerly Rural Bank of Castillejos, (Z) Inc., with office x-------------------------------------------------------x able prices. address at No. 6-20th St., East Bajac-Bajac, Olongapo “Recipients will benefit from our promotion- City herein represented by CRISTINA D. JIMENEZ, VP al activities such as 'Negosyo Konsyumer, atbp' to in- for Operations, againstSPS. SMARTH E. ADOLFO and ORDER crease more patrons or 'suki', as well as recommenda- JYRLYN J. ADOLFO as Atty-in-fact of SPS. SANTOS D. ADOLFO and FLORDELIZA E. ADOLFO with address at tion for financial loans and assistance through Pondo sa A verified petition was filed by Spouses Pagbabago at Pag-Asenso, if qualified,” Baluyut added. Nagsabong, Linasin, San Marcelino, Zambales, to sat- isfy the mortgagor indebtedness which as of October Randy P. Bagasin and Desiree Martin-Bagasin 15, 2018, amounts to THREE HUNDRED THIRTEEN and Arline San Andres-Paraiso, through counsel, Transparency and Compliance............from page 04 THOUSAND FIVE HUNDRED NINETY EIGHT & 11/100 praying that after due notice and hearing, an order in Subic and Clark, and its 160-hectare facility here in- (Php313,598.11) Pesos, Philippine Currency, exclu- be issued directing the Office of the City Registrar cludes a marine terminal, fuel storage tank farms and sive of penalties, attorney’s fees, and other charges, of Olongapo City, Zambales to CANCEL the registra- tank truck loading facilities; all secured by the said mortgage and in compliance tion of birth of minorYSABELLA MARTIN BAGASIN • Brighterday Subic Ltd., Inc. which manages and op- thereto, undersigned Sheriff announces that on Feb- under Registry No. 2015-5507 in the Register of erates All Hands Beach, was given the “Eco-Innovation ruary 7, 2019 at 10:00 o’clock in the morning or soon Births of the Office of the City Registrar of Olonga- Award” for its efforts in biodiversity conservation, par- thereafter, infront of the Municipal Circuit Trial Court, po City, Zambales. ticularly in monitoring and releasing more than 4,000 San Marcelino, Zambales, she will “sell at public auc- sea turtles to their natural habitats since 2011; tion to the highest bidder and for cash, Philippine Said petition being sufficient in form and • S-CORP Philippines, Inc., which offers end-to-end Currency, the following mortgaged property, includ- substance is set for hearing on February 19, 2019 transaction processing services, intricately linked en- ing all improvements existing thereon, particularly at 8:30 o’clock in the morning and all persons in- terprise information management systems, and per- described as follows: terested may appear and show cause why said pe- sonalized multi-channel communications solutions for tition should not be granted.
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