Posted on 03/08/2022 10:52:38 AM PST by Mariner
MANILA, March 8 (Reuters) - U.S. private equity firm Cerberus will acquire for $300 million a debt-laden shipyard in the Philippines at a former U.S. navy base close to the South China Sea, the facility's trustee and two sources with knowledge of the deal said on Tuesday.
The fate of the strategically located Subic Bay shipyard has been a national security concern for defence chiefs, with fears it could be taken over by state-run firms from China, with which the Philippines has a long history of mistrust.
In 2019, at least eight foreign companies had expressed interest in the shipyard including two unidentified Chinese firms.
China has overlapping territorial claims in the South China Sea with several countries including the Philippines, which has repeatedly protested Chinese actions to expand its presence in the trade route that services $3 trillion of commerce each year.
The shipyard, which was run by Hanjin Philippines before it defaulted on loans worth $1.3 billion in 2019, is considered an important asset because of its shelter, depth and access to the South China Sea.
The bay northeast of the capital Manila, was home to a U.S. navy base until 1992.
(Excerpt) Read more at yahoo.com ...
And throwing the Chinese out is a major win.
Once Dutarte is out later this year, I expect the USN will be invited back to purchase Subic Bay.
Then, on to the most strategically important airfield in the entire pacific...Clark. From Clark fighters can control the entire South China Sea.
“Once Dutarte is out later this year, I expect the USN will be invited back to purchase Subic Bay.”
Olongapo city, some very good times there, that I don’t talk about now. :)
I thought I saw you at Jolo’s.
“I thought I saw you at Jolo’s.”
With a San Miguel and an lbfm.
Just a fun fact - Dan Quayle is the Chairman of Global Investments at Cerberus.
The important question, though: Did the Big Guy get his cut?
Will the big guy get his 10%?
CIA front company. So Dan is part of the Deep state. Not that I may not be opposed to this purchase.
I read a short book by the last base commander of Clark. What a hoot! The base had a “special” relationship with the neighboring community.
I assume Subic was the same.
No, no I didn’t.
Thanks for the tip.
Wasn’t the the company that bankrupted Remington? It takes a lot of incompetence to ruin a company with Remington’s long history.
did you feed the crocodile?
The guy leading the polls (its a lock at this point) for the May elections is Bongbong Marcos, and he was a political ally of Duterte. The jury is out on what relationship he will have with China.
“did you feed the crocodile?”
Not sure what you mean. Throw coins into s*** river?
If I remember correctly (its been a long time now) there was a small pool in front of Mama Jolos. It had about a 3-foot long crocodile in it. For a couple of P you could throw a chicken in the pool and watch the croc devour it. In those days we sailors were easily amused. Also remember tossing heated slugs to the kids on the boats in S*** river.
I missed out on the crocs. If they were there, I didn’t see them. I was there in the late 77-78. One Westpac, and one Med cruise. 4 and out.
“...with fears it could be taken over by state-run firms from China,...”
Well DUH! It will benefit the PRC even for the seller’s enormous asking price. SloBiden could care less. He’s still wandering around the White House.
several West Pacs between 69 and 79. Saw the croc in the early deployments.
10 Peso coins on d’bottle. Mag Beer San Mig. on ice.
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