Dandong Port, a major port in Northeast China, has emerged from bankruptcy and inaugurated the newly restructured Dandong Port Group yesterday.
The port operator entered into court-led restructuring process in April last year due to a major debt crisis with liabilities amounting to RMB66.7bn ($9.67bn). In January, China Merchants Group’s Liaoning Port Group took over Dandong Port as a local court forced the approval of a restructuring plan proposed by the government-led administrators.
Dandong Port, situated on the border between China and North Korea, is a major bulk and container port in northeast China serving as an important gateway port to the Far East.
The port was controlled by local businessman, Wang Wenliang, and it was one of the few private-owned seaports in China.