Jianlong Group quits Qingdao Yangfan restructuring, Huatong Group takes over

Jianlong Group quits Qingdao Yangfan restructuring, Huatong Group takes over

Jianlong Group, the controlling shareholder of bankrupt Qingdao Yangfan Shipbuilding, has decided to quit the restructuring of the shipyard.

The decision is due to Jianlong Group’s proposed restructuring plan for the yard facing strong opposition from the employees of the shipyard.

State-run Huatong Group, which controls 22% equity interest of Qingdao Yangfan, has proposed a new restructuring plan under which it will acquire 78% equity interest of the shipyard from Jinalong Group to gain full control.

The plan has already been approved by the employees of the shipyard, although still needs approval from creditors.

Upon completion of the restructuring, Yangfan Shipbuilding will quit large vessel construction business and focus on high value-added ship types including offshore vessels, passenger roro vessels and research vessels.

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