JES declared bankrupt by court

JES declared bankrupt by court

A local court in Jingjiang, Zhejiang has officially declared the bankruptcy of defunct Chinese shipbuilding group JES International Holdings, the Singapore-listed platform of Jiangsu Easter Heavy Industry and seven of its affiliate companies, three years after the yard applied for a debt restructuring.

Once a major private shipyard in China, JES ceased operations in August 2015 due to a major financial crisis and chaos within the Jin family, which controls JES.

In February, JES announced that it had failed to complete a deal to sell its shipbuilding business and its former chairman, Jin Xin, was sentenced by a local court to an imprisonment of twelve years and six months.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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