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.
