Creditors stage rooftop protest at Sinopacific Offshore

Creditors stage rooftop protest at Sinopacific Offshore

Around 30 suppliers of Chinese shipbuilder Sinopacific Offshore & Engineering protested on the rooftop of a building in the shipyard yesterday, in an attempt to claim debts owed from the yard.

According to the creditors at the protest, Sinopacific Offshore owes millions to them, and they have reported the situation to the local government.

CIMC Enric, an affiliate company of China International Marine Containers (CIMC), terminated the acquisition of Sinopacific Offshore & Engineering in June as it reckoned that certain conditions of the acquisition agreements cannot be fulfilled. It also considered that the sellers had breached certain material terms in the agreement.

Sinopacific Shipbuilding is currently dealing with a financial crisis and closed its Shanghai operations earlier this year. Its parent group Evergreen Holding, is also struggling and defaulted on bond payments recently.

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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