Greater ChinaShipyards

China Ocean Industry settles dispute with debt for equity deal

Financially troubled shipbuilding group China Ocean Industry has announced that it has received of enforcement ruling from a court in Zhoushan, forcing the company to transfer its 20% equity interest in Zhejiang Ocean Leasing Company to Zhoushan Ocean Leasing New Energy in a debt dispute.

In February, Zhoushan Ocean Leasing New Energy applied with the court to enforce a mediation award in the amount of RMB132.3m ($18.7m) against a subsidiary of China Ocean Industry.

Upon completion of the transfer, China Ocean Industry will cease to hold any equity interest in Zhejiang Ocean.

China Ocean Industry went into a debt restructuring in September last year.

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.
Back to top button