Creditors to liquidate assets of Guoyu Logistics

Creditors to liquidate assets of Guoyu Logistics

The creditor banks of Wuhan Guoyu Logistics have listed the assets of the group and its subsidiaries for sale on Shanghai United Assets and Equity Exchange (SUAEE).

Wuhan Guoyu Logistics, the parent group of Yangzhou Guoyu Shipbuilding, Wuhan Jingyu Ocean Shipping and Wuhan Jingwei LPG Shipping, has been suffering financially since 2016. The company defaulted on several bond payments and Guoyu Shipbulding has suspended all operations.

According to the sale information on SUAEE, the listed assets include the land property, shipbuilding facilities, two unfinished vessels and entire equity shares of Guoyu Shipbuilding, as well as two river LPG vessels of Wuhan Jingwei LPG Shipping. The total value of the assets is estimated at RMB1.09bn ($163m).

Guoyu Logistics’ total liabilities now stands at RMB4.13bn, an asset-liability ratio of 264.78%.

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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