A Philippines court has approved the rehabilitation scheme filed by Hanjin Heavy Industries & Construction's Subic Bay shipyard.
The Korean yard group applied for the restructuring process last week.
The HHIC-Phil yard is reported to have defaulted on $400m in bank loans.
Domestic tanker and ferry owner Dennis Uy was reported to have examined the yard last year, but he has now said he is not interested in the business.
