Shanghai: Sainty Marine announced that one of its guarantees of creditor’s rights to Mingde Heavy Industry has been compulsively auctioned by Liaoning Superior People’s Court.
The court had auctioned 6.5% equity in Nantong Zongyi Investment held by Ji Fenghua, president of Mingde Heavy Industry.
Jiangsu Superior People’s Court has frozen Ji’s equity in Nantong Zongyi since last October.
Sainty Marine is currently restructuring the debt-ridden Mingde, which reported a net loss of RMB327.58m ($52.8m) for the year of 2014, and also has a debt dispute with Ji.
