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 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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