Dalian: Weihai Intermediate People’s Court has declared the bankruptcy of Weihai Samjin Shipbuilding under the request of creditor bank ICBC. The shipyard couldn’t fulfill many shipbuilding contracts due to financial difficulties.
The court has asked the creditors of the shipyard to report debt information. The first creditors’ meeting is scheduled in December 25.
Currently most of the work in the shipyard has been suspended. Weihai local government is trying to restructure the shipyard by bringing in new investors. [19/09/14]