Greater ChinaShipyards

Bankrupt Qingdao Yangfan Shipbuilding seeks new investors

Bankrupt Chinese shipyard Qingdao Yangfan Shipbuilding has released a notice seeking new investors to restructure the yard.

The shipyard went into a bankruptcy restructuring process last year with total liabilities of up to RMB4.8bn, and has since been involved in a series of debt disputes with creditors and employees.

Last week, a group of suppliers of the shipyard blocked the entrance of the shipyard demanding the yard to repay debts totaling about RMB20m ($2.94M) owed to them.

Splash understands that the restructuring process of the shipyard has been moving slowly and so far the receiver hasn’t been able to come up with a feasible plan. The two major shareholders of the shipyard, Huatong Group and Jianlong Group, also couldn’t reach an agreement on the restructuring.

Potential investors have been given a deadline of July 31 to submit applications.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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