SUBIC BAY FREEPORT, Philippines — Hanjin Heavy Industries and Construction Philippines stopped its operations at this freeport on Friday, displacing around 3,000 workers. The firm filed a financial rehabilitation plan before the Olongapo City Regional Trial Court Branch 72. Last month,the court granted its petition for receivership and placed the South Korean shipbuilding firm under corporate rehabilitation. Saño said he drafted a plan that would have allowed Hanjin to complete the six vessels still on its books while searching for an investor. Last year, 18 Hanjin contractors and subcontractors filed notices of retrenchments and reduction of workdays.

Source: Philippine Star February 16, 2019 16:01 UTC