Three consortia have submitted bids for financially troubled Hanjin Heavy Industries & Construction Co., Ltd. (KOSE:A097230), its main creditor said December 14, 2020. The three consortia include the one led by Dongbu Corporation (KOSE:A005960) and another one led by SM Line Corporation, according to Korea Development Bank (KDB). The 83.45% stake in Hanjin Heavy up for sale is owned by seven local financial institutions, including KDB, and three Filipino financial institutions that include Rizal Commercial Banking Corporation (PSE:RCB) via a debt-for-equity swap.

KDB picked local accounting firm Samil PricewaterhouseCoopers and KDB's mergers and acquisitions consulting team as co-lead managers for the stake sale. The preliminary bid to sell the controlling stake in the shipbuilder was finalized on October 26, 2020. The stake sale is expected to be concluded early 2021 after gaining approval from authorities, including the country's arms procurement agency Defense Acquisition Program Administration (DAPA), as the shipbuilder has been fully dedicated to building battleships.