Greater China

Hainan PO Shipping eyes restructure

Guangzhou: Hainan PO Shipping, the bankrupt containership operator, is making efforts to restructure the company.

According to an official in the Hainan government, the local government is promoting the restructure of the company and looking for potential investors. Currently it has reached a preliminary agreement with a shipowner in Fujian.

“It is still possible to restructure the company, but now the company’s debt issues haven’t been cleared, the restructure has to be postponed,” the official said.

Hainan PO Shipping was established in 2009, headed by former president of China Shipping Group, Li Kelin, and it was one of the major container shipping companies in China. The company met financial difficulties in the middle of 2011 and declared bankruptcy in 2013. [15/07/14]

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