First shipbuilder in Liaoning to go bankrupt

Dalian: Dalian Oriental Precision & Engineering declared bankruptcy in recent, becoming the first shipbuilder in China’s northeast province of Liaoning to go bust since the shipbuilding crisis began.

The company was invested in by Japanese company Oriental Precision and Dalian Shipbuilding Industry. It was put into operation in 2007,  just before the global financial crisis broke. The company has been taken over by a local bank which is processing an asset inventory. [20/07/12]

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