Shanghai: Judger Shipbuilding, a Wenzhou-based private shipyard invested by Zhejiang Judger Group, has officially filed for bankruptcy with Wenzhou Intermediate People’s Court.
The shipyard has been suffering from financial difficulties since 2012. Wenzhou local government also attempted to save yards by offering some financial support.
Judger Shipbuilding has managed to sell two 82,000 dwt bulkers abandoned by Hong Kong owner Parakou Shipping in 2013 and 2014. However, the shipyard was still unable to solve its debt crisis and decided to file for bankruptcy.
The shipyard currently has debt of around RMB1.72bn ($277m) in total. The first creditors’ meeting will be held on May 27.