China International Marine Containers (CIMC) has announced that restructuring plans for Sinopacific Offshore have been approved by the shipyard’s creditors and a Chinese court.
In July, CIMC’s subsidiary CIMC Enric purchased the entire equity interest in bankrupt Sinopacific Offshore for RMB799.8m ($117.58m) following the failure of its initial attempt to take over the yard in June 2016.
Meanwhile, another two subsidiary yards of Sinopacific Shipbuilding are also undergoing restructuring.
Dayang Shipbuilding was declared bankrupt at the end of July due to a long standing debt crisis. However, its major creditor, SUMEC Group, is confident of the successful restructuring of the yard. Its sister yard Zhejiang Shipbuilding is going to lay off 300 employees as part of its restructuring.