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.