U.S. Investor Bids to Keep China Out of Philippine Shipyard

U.S. private equity firm Cerberus Capital Management and Australian shipbuilder Austal have made a formal bid for the Philippines' largest shipyard in Subic Bay, which has also attracted Chinese interest.

Executives close to the deal have told the Nikkei Asian Review that the offer was still subject to negotiations with creditors of the shipyard, which collapsed earlier this year after its owner -- the local unit of South Korea's Hanjin Heavy Industries and Construction -- defaulted on $1.3 billion in loans.

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