Jiangsu Zhenjiang Intermediate People’s Court will start an auction for the entire assets of bankrupt Jiangsu Shenghua Shipbuilding via online platform Taobao on July 27.
Jiangsu Shenghua Shipbuilding was a joint venture established by Nanjing Shenghua Shipbuilding and Singapore’s Sentek International in 2007.
The shipyard went into a bankruptcy restructuring process in 2016 but has failed to reach an agreement with creditors on a restructuring.
CSIC-affiliated Bohai Shipbuilding Industry earlier showed interest to take over the shipyard but a deal never eventide.
The starting price for the shipyard’s assets in the auction will be RMB216.3m ($32m).
