Cerberus and Hyundai Subic partnership 

We are extremely pleased with the announcement by Cerberus Capital Management that they have finalized a lease agreement for HD Hyundai – the global leader in shipbuilding and offshore engineering – to lease a portion of the Agila Subic facility in Subic Bay.

It can be recalled that the Subic shipyard was abandoned by Hanjin Heavy Industries that declared bankruptcy in 2019 after incurring over $412 million in debts, leaving thousands of Filipinos jobless.

We were fortunate to play a role in saving the facility during a meeting at the White House with then-deputy national security adviser Matt Pottinger to discuss the shuttered facility in Subic Bay. The administration of president Donald Trump was interested in saving the shipyard and put it to good use, such as a docking and repair facility for US ships and still make it commercially viable.

Read more: https://www.philstar.com/opinion/2024/05/19/2356228/cerberus-and-hyundai-subic-partnership