Zhejiang Haizhou Shipyard, one of the largest ship repair yards in China, has filed for bankruptcy.
The yard has been suffering financial difficulties for the past few years and has been involvied in a large number of financial disputes with creditors.
In the first creditors’ meeting, 396 creditors of the shipyard requested repayment of RMB3.36bn ($490m) of debt in total.
A local court also put the shipyard on a credit black list due to its inability to comply with court orders.
Currently Haizhou Shipyard is looking for new investors to take over the yard. At its peak, Haizhou Shipyard repaired over 200 ships in 2015.