Splash 247

Sainty Marine completes restructuring, quits shipbuilding

Sainty Marine completes restructuring, quits shipbuilding

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 77
            [name] => Greater China
            [slug] => greater-china
            [term_group] => 0
            [term_taxonomy_id] => 77
            [taxonomy] => category
            [description] => Stay updated on what's going on in the Greater China by browsing the Greater China region news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest news about the Greater China region. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 55
            [count] => 5381
            [filter] => raw
            [cat_ID] => 77
            [category_count] => 5381
            [category_description] => Stay updated on what's going on in the Greater China by browsing the Greater China region news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest news about the Greater China region. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Greater China
            [category_nicename] => greater-china
            [category_parent] => 55
        )

    [1] => WP_Term Object
        (
            [term_id] => 63
            [name] => Shipyards
            [slug] => shipyards
            [term_group] => 0
            [term_taxonomy_id] => 63
            [taxonomy] => category
            [description] => This is the Splash 24/7 news archive related to the shipyards sector coming from all over the world. News are sorted by release date, from the latest to the oldest.

Read the latest news about shipyards.  Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1426
            [filter] => raw
            [cat_ID] => 63
            [category_count] => 1426
            [category_description] => This is the Splash 24/7 news archive related to the shipyards sector coming from all over the world. News are sorted by release date, from the latest to the oldest.

Read the latest news about shipyards.  Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Shipyards
            [category_nicename] => shipyards
            [category_parent] => 54
        )

)

Bankrupt Sainty Marine has completed a restructuring with its parent Jiangsu Guoxin Group, quitting the shipbuilding business.

According to the company’s restructuring plan, it has issued 2.3bn new shares to raise RMB21bn ($3.2bn) for the acquisitions of a series of power and trust assets owned by its parent Jiangsu Guoxin Group.

In December 2015, a Nantong branch of Bank of China applied with Nanjing Intermediate People’s Bank to liquidate the shipyard.

Sainty Marine has been trying to dispose of all its shipbuilding assets, however, all the three auctions failed due to there being no bidders.

Sainty Marine has applied to change its stock name to Jiangsu Guoxin.

Share this article

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.

Related Posts