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Western India Shipyard to be liquidated

Western India Shipyard to be liquidated

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India’s ICICI Bank has initiated insolvency proceeding against Western India Shipyard, a subsidiary ship repair yard of ABG Shipyard.

Western India has outstanding debts of Rs130 crore ($20.5m). It has been given a deadline of January 12 to submit claims.

ABG Shipyard owns a 53% stake in Western India, and has tried to sell the yard since 2016. Lenders have a stake of around 12% in the yard.

ABG Shipyard itself is undergoing bankruptcy proceedings, and banks led by ICICI Bank have called for binding bids for the company. In October 2017, India’s maritime regulator also suspended ABG Shipyard’s shipowning unit PFS Shipping.

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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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