Bankrupt Qingdao Yangfan Shipbuilding seeks new investors

Bankrupt Qingdao Yangfan Shipbuilding seeks new investors

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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