Judger Group declared bankrupt by court

Judger Group declared bankrupt by court

Wenzhou Intermediate People’s Court has announced the bankruptcy of Judger Group with six of its subsidiaries including Judger Shipbuilding.

Judger Shipbuilding filed for bankruptcy with the court and applied for a restructuring in April. However, the yard has failed to find new investors.

Judger Group is multi-sector group which is mainly engaged in the clothing business. It entered shipbuilding in 2006 with Judger Shipbuilding, which has been suffering from the financial crisis since 2008.

The bankruptcy of Judger Group has left about RMB30bn ($4.71bn) debts in total and led to 5,000 employees losing their jobs.

Zheng Yuanzhong, president of Judger Group and once one of the most famous entrepreneurs in Zhejiang, promised that he wouldn’t run away and will repay the debts gradually.

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.

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