More than 3,000 Hanjin Employees bound to be laid off

More than 3,000 Hanjin Employees bound to be laid off
View of Hanjin Shipyard from across the bay at Subic Bay Freeport Zone Photo From THEPHILBIZNEWS/Monsi A. Serrano

The dread is now real, as Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil) is facing the imminent shutdown as a result of cashflow problem that inevitably affected their working capital that would force them to stop operations at the expense of more than 3,000 workers bound to be displaced.

However, Stefani Saño the rehabilitation receiver of HHIC-Phil’s is not losing hope and still expects that they would be able to securing additional loans and resuscitate the operations.

According to the source of The Philippine Business and News, HHIC-Phil’s financial obligation has reached more than P48 billion as of Feb. 1 not just from the banks but also from suppliers and other service providers.

Saño also disclosed that apart from the financial obligations from the above mentioned creditor, there are two more companies that filed claims and there are many more but the exact amount of their claims remained unestablished.

“HHIC-Phil’s has an on-going negotiations with creditor-banks and hopes to securing additional loans to be used for the completion of four more ships which will generate cash flow and payment to Hanjin’s obligations,” Saño added.

Meanwhile Pocholo Poso, HHIC-Phil’s in-house legal counsel said, “Whether or not the vessel will be constructed, we’re still undergoing negotiations with banks.”

On the part of the, HHIC-Phil’s bank creditors, they have pushed for the appointment of their own nominee, a certified lawyer, to be the rehabilitation receiver.

Here are the 5 bank creditors of HHIC-Phil,Metrobank at $38 million $70 million, Rizal Commercial Banking Corp. at $145 million; Land Bank of the Philippines, reported at $85 million; BDO Unibank, Inc. at $60 million; and the Bank of the Philippine Islands at $52 million.

See related stories:

Hanjin Philippines biggest investor in Subic faces financial problem, seeks rehabilitation
https://thephilbiznews.com/2019/01/10/hanjin-philippines-biggest-investor-in-subic-faces-financial-problem-seeks-rehabilitation/

PH government explores possible investors to help Hanjin from financial woes
https://thephilbiznews.com/2019/01/13/ph-government-explores-possible-investors-to-help-hanjin-from-financial-woes/

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