JES proposed restructuring rejected by court

JES proposed restructuring rejected by court

Shanghai: Singapore-listed Chinese shipyard JES International Holdings has announced that its application for a restructuring has been rejected by Taizhou Intermediate People’s Court.

The company applied for a restructuring with the court in March and said it was restructuring subsidiary Jiangsu Eastern Heavy Industries (JEHI) to seek an amicable way forward with its creditors.

However, the court said that the shipyard had not successfully reached the required threshold for a restructuring scheme.

JES has now submitted an appeal to the Jiangsu High Court.

Separately, JES has announced that its former ceo and executive director Jin Xin has resigned due to health issues. Before his resignation, Jin was primarily focused on the restructuring of the group’s subsidiaries in China.

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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