Jiangsu Eastern Heavy Industries (JEHI), a subsidiary yard of Singapore-listed JES International, has released a notice yesterday to seek new investors to restructure the yard.
JEHI filed an application at China’s Taizhou Intermediate People’s Court to restructure its debt and liabilities in October 2015 and the court approved the application in October this year.
According to the notice, JEHI together with six of its subsidiaries have net liabilities of RMB553m ($79.6m). Potential investors are requested to submit the applications before February 10, 2017.
When contacted by Splash, an official from the yard’s receiver said the assets of JEHI are unrelated to the listed assets of JES International, which is making its own efforts to restructure.
At the end of November, JES International agreed to acquire a Malaysian company known as Maya Asia Resources for S$16.33m in a move that will transform the group into a new manufacturing and trading business.