Huanqiu Shipbuilding, a major shipyard in based in Yangzhou, Jiangsu, has been declared bankrupt by the local court.
Jiangsu Bangtuo Shipping, a creditor of the shipyard, applied with the court in Yizheng to liquidate the shipyard in November 2015 due to the shipyard’s inability to repay debts. The court has now appointed a receiver for the shipyard to handle the liquidation of the shipyard.
Huanqiu Shipbuilding was established in 2005 by Zhejiang-based metal producer Kailai Fengzu Metal Company and mainly builds bulkers.
