ABG Shipyard heads for bankruptcy

Debt-laden ABG Shipyard, having defaulted on loan repayments, will now have bankruptcy proceedings initiated against it, a court in India ruled yesterday.

More than 20 creditors have sent a petition for the liquidation of the company, according to local media source, Livemint. The local stock exchange has today sought clarification on Thursday’s bankruptcy hearings.

India’s largest private yard has been in dire financial trouble for a long time. Repeated efforts to get foreign investors interested have failed.

The next hearing is scheduled for 27 July.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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