Chongqing Chuanjiang Shipping, one of the major Yangtze River shipping firms, has announced that it has gone into bankruptcy procedures due to debt issues.
The founders and only two shareholders of Chuanjiang Shipping, Wang Yuewen and Ren Zhonghui, committed suicide in July this year leaving around RMB1bn (($161m) debts.
The receiver of the company is looking for new investors to revive the company and has asked potential investors to submit restructuring plans before January 15.
According to the announcement, Chuanjiang Shipping now operates 56 feeder containerships, and has another 10 under construction.
