Dayang Shipbuilding restructuring plan approved by court

Dayang Shipbuilding restructuring plan approved by court

The restructuring plan of bankrupt Sinopacific yard Dayang Shipbuilding has been approved by Yangzhou People’s Court, after new investors led by SUMEC Group signed a restructuring agreement with the shipyard.

Earlier this week, SUMEC Group and Yangzhou Yunhe Xincheng Construction entered into an restructuring agreement for Dayang Shipbuilding under which the new investors will provide $333m to support the restructuring of the yard, and SUMEC will become the controlling shareholder of Dayang with a 85% equity stake.

The plan has also been approved by 93% of the creditors and 100% of the employees.

Evergreen Holding, the parent group of Sinopacific Shipbuilding, is still in deep financial trouble with nearly RMB7bn of liabilities.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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