Greater China
Winland files for bankruptcy
Dalian: A Dalian shipowner, Winland Ocean Shipping, has filed for Chapter 11 bankruptcy protection in Texas after two of its three vessels were confiscated in China and Singapore last year.
The company said it hopes to restructure and reduce its existing secured debt “to levels that are consistent with the currently depressed levels of the charter market”.
The group, which at its peak had a fleet of 12 ships, property holdings plus an online trading platform, said it needs to restructure more than $48m in secured debt.