Shenzhen-listed Sainty Marine has announced that Nanjing Intemediate People’s Court has held a hearing to inquire opinions for the feasibility of restructuring the yard.
At the hearing, Bank of China, the management, major shareholders and controller of Sainty Marine have all expressed that they will support the restructuring of the yard.
At the end of December, a Nantong branch of Bank of China, a creditor of Sainty Marine, applied with the court to liquidate the shipyard.
Sainty Marine said it is still uncertain if the court will rule to restructure the yard, and the yard is still facing the risk of being liquidated.
Sainty Marine is also facing the risk of delisting from the stock exchange as it is currently being investigated by China Securities Regulatory Commission on illegal activities on the stock market.
