Court to auction off Jiangsu Shenghua Shipbuilding

Court to auction off Jiangsu Shenghua Shipbuilding

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).

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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