Court freezes Dandong Port’s assets

Court freezes Dandong Port’s assets

Dandong Intermediate People’s Court has ruled to freeze RMB4.893bn ($773m) worth of assets owned by Dandong Port at the request of creditor Bank of Dandong due to loan dispute.

Dandong Port said the court ruling might further deteriorate the financial status of the company and have a negative effect on the port’s operations.

Dandong Port was hit by a financial crisis in 2017 and involved in a series of bond and loan defaults. The total liabilities of the port have amount to around RMB37bn including debts with 15 banks.

The port’s creditor banks, led by China Exim Bank, formed a creditor committee in January and have been in negotiations with the port in efforts to find a solution to the debt payment issues.

Dandong Port, located on the boarder with North Korea, is a major gateway port in northeast China.

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.

Related Posts