Shanghai: Nantong Judiciary Auction Center will put part of the assets of bankrupted Nantong Huigang Shipbuilding up for auction tomorrow to repay the shipyard’s creditors.
Huigang Shipbuilding was one of the earliest shipyards in Nantong, but went into bankruptcy last October with total liabilities of RMB2.24bn from more than 390 creditors. Later the shipyard tried to complete five unfinished vessels in order to receive final payments, however, the creditors refused to provide more funds for the projects.
Huigang Shipbuilding has since been looking for new investors to take over the shipyard for RMB1bn, but hasn’t had any offers so far. [17/12/12]
