Bankrupt Chinese shipyard Qingdao Yangfan Shipbuilding has released a notice seeking new investors to restructure the yard.
The shipyard went into a bankruptcy restructuring process last year with total liabilities of up to RMB4.8bn, and has since been involved in a series of debt disputes with creditors and employees.
Last week, a group of suppliers of the shipyard blocked the entrance of the shipyard demanding the yard to repay debts totaling about RMB20m ($2.94M) owed to them.
Splash understands that the restructuring process of the shipyard has been moving slowly and so far the receiver hasn’t been able to come up with a feasible plan. The two major shareholders of the shipyard, Huatong Group and Jianlong Group, also couldn’t reach an agreement on the restructuring.
Potential investors have been given a deadline of July 31 to submit applications.