Financially troubled shipyard Sainty Marine has announced that Nanjing Intermediate People’s Court has ruled to restructure the company.
At the end of December, the Nantong branch of Bank of China, a creditor of Sainty Marine, applied with the court to liquidate the shipyard. In January, at a court hearing, Bank of China, the management, major shareholders and controller of Sainty Marine all expressed that they will support the restructuring of the yard.
However, Sainty Marine wasn’t able to provide a rescue plan for the shipyard before February 6 as it had promised earlier.
According to the shipyard, it is currently making efforts to offer a restructuring proposal before April 17, and is planning to apply with the receiver to maintain business operations at the yard during the restructuring period.
Sainty Marine is also facing the risk of delisting from the stock exchange as it is currently being investigated by China Securities Regulatory Commission for illegal activities on the stock market.