Mingde Heavy Industry liquidation plan passed by creditors

Mingde Heavy Industry liquidation plan passed by creditors

Sainty Marine has announced that the creditors of bankrupt Mingde Heavy Industry have passed a plan to liquidate the yard’s assets.

Sainty Marine, as the largest creditor of Mingde, disapproved the plan on September 25, however, the plan was passed due to a 52.84% approval rate from all the creditors.

The company was thrown out of the restructuring of Mingde due to its own financial difficulties in July.

Sainty Marine said it is currently reviewing the plan and may file a lawsuit against it.

In the past two months, the president of Mingde Heavy Industry, and both general manager and cfo of Sainty Marine, have been arrested by authorities for illegal activities.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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