Nanjing Tanker plans debt restructuring

Shanghai: Nanjing Tanker, the delisted oil arm of Sinotrans & CSC, held a rescheduled shareholder’s meeting on Friday. The meeting was suspended on Thursday as furious investors attacked the company’s president Zhu Ning.

On the rescheduled meeting, only less than 20 out of 92 registered shareholders attended and the board only received 15 valid votes.

According to Li Wanjin, general manager of Nanjing Tanker, the company’s asset-liability ratio was as high as 114.5% at then end of 2013 and it has to start debt restructuring to survive.

Li said the company has stopped to pay interest to banks from March this year due to the severe financial situation, and creditor China Development Bank (CDB) applied to freeze the company’s assets. However, the company has actively negotiated with the bank and CDB has since suspended the lawsuit against the company.

Zhu Ning, president of Nanjing Tanker said the company has established a team to handle the debt crisis of the company.

Earlier this month, Nanjing Tanker pledged 17 ships in total to some creditors and banks to offset part of the debt. [16/06/14]

 

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