Shanghai: Wuhan Jiang’an district court yesterday closed down Hubei Jiangyan Shipbuilding, a shipyard with almost 50 years history and sealed up its assets and business accounts as the shipyard has been unable to repay its debts and its boss has fled and has been missing for almost a year.
According to one of the shipyard’s employees, the shipyard’s total liability reached RMB150m. Currently the main assets of the shipyard includes some shipbuilding materials and two 6,250dwt chemical tankers which were abandoned by a Greek owner.
The court will sell and auction these assets to pay the workers’ salary and repay the shipyard’s creditors including Bank of China, Minsheng Bank and many private financing companies. [18/01/13]
