Chinese domestic dry bulk shipping operator Deqin Group has released a notice to look for new investors to takeover and restructure the company.
Zhoushan-based Deqin Group has been suffering from a debt crisis for the past few years, having started an unsuccessful restructuring in 2014.
According to the notice, the company is now trying to sell all its assets including 19 bulk carriers with total capacity of around 445,400dwt, land properties and its office building.
All the proceeds from the asset sale will be used for debt repayment.
The interested investors are required to submit a takeover plan and pay a fund guarantee of RMB10m ($1.45m) to the group before a deadline of May 15.