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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Related Posts