Hanjin to undergo audit, assets inventory prior to rehabilitation


Posted at Jan 18 2019 02:22 PM

MANILA – A team of lawyers and certified public accountants will audit and do an inventory of Hanjin's assets after it sought a court-assisted rehabilitation to pay off a cumulative debt of $412 million, an appointed official said Friday.

Five major banks in the country have confirmed loan exposures to the Philippine unit of Korean shipbuilder Hanjin Heavy Industries and Construction.

Speaking to DZMM, the government appointed rehabilitation receiver Stefani Saño said a study should be conducted to see if rehabilitation was the best way to address the concern.

Saño has to ensure that Hanjin would not lose any more assets during the course of the proceedings.

"Pag naubos ang asset ano pang irerehabilitate? Hindi natin ma-achieve yung katayuan na sila ay makakapag bayad ng mga utang," Saño said. 

(If the assets deplete, what can we rehabilitate? We won't be able to achieve the state where they can pay off their debt)

An initial recommendation will be submitted to the court prior to the scheduled Feb. 8 hearing on the possible rehabilitation, Saño said. 

Meanwhile, the Bangko Sentral ng Pilipinas earlier said Philippine banks have more than enough capital and liquidity to manage over $400 million loan exposure to Hanjin.

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