Evergreen Holding, the parent group of Sinopacific Shipbuilding, has had all the fixed assets of the company frozen by courts due to a series of debt disputes with creditors.
According to the group, total liabilities of Evergreen Holding amount to RMB6.97bn ($1bn) and it is currently dealing with over 50 court cases for debts amounting to around RMB2.66bn ($387m). The company has lost all court cases that have already been completed.
Zhejiang Shipbuilding, an affiliate yard of Evergreen Holding, went bankrupt in April 2016 and another subsidiary yard of the group, Sinopacific Offshore & Engineering, went into liquidation process in August 2016 after CMIC terminated the acquisition of the yard. Subsidiary yard Yangzhou Dayang Shipbuilding is in the middle of a restructuring process.
Evergreen Holding has also been involved in several bond payment defaults. The Group said it is now making its best efforts to self-rescue and protect the interests of investors and creditors.
Evergreen Holding has no connection with Taiwan’s Evergreen Group, which operates the container carrier Evergreen Line.