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.