MANILA, March 8 (Reuters) – U.S. private equity firm Cerberus CBS.UL will buy a strategically located but debt-laden shipyard in the Philippines for $300 million, two sources with knowledge of the transaction said on Tuesday.
The Subic Bay shipyard, which Hanjin Philippines used to run before it defaulted on $1.3 billion in loans in 2019, is considered an important asset because of the its shelter, deep water and access to the South China Sea. The bay was until 1992 home to a U.S. navy base,
(Reporting by Neil Jerome Morales; Editing by Martin Petty)
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This article originally appeared on reuters.com