Guangzhou: Financially troubled Hainan PO Shipping has officially been declared bankrupt by Hainan Yangpu Economic Development Zone People’s Court.
The company suspended all of its shipping services at the end of September and was trying to resume operation through financial support from the government or via a restructure. PO Shipping's total liabilities had reached RMB709m.
Hainan PO Shipping was established by Hainan State-owned Assets Supervision and Administration Commission in 2009 and had 25 subsidiaries in several major port cities. [15/11/13]