MANILA -- Talks to take over Hanjin's cash-strapped Philippine shipyard are "progressing," the head of one of its creditor banks said Monday.
A proposal from billionaire port operator Enrique Razon is "good" and the shipyard in Subic Bay is big enough to be converted into a mixed use facility, said BDO Unibank President Nestor Tan.
Tan did not say which parties were involved in the takeover negotiations.
Razon told ABS-CBN News in February that he saw "potential" in Hanjin, which can be converted into an industrial complex with container port facilities.
Hanjin in January filed for rehabilitation before an Olongapo City court. Its 5 creditor banks, among the Philippines' biggest, are looking at collective action to settle its $412 million (P21.6 billion) debt.