Nanjing Tanker restructuring plan approved

Shanghai: The restructuring plan for Nanjing Tanker, the bankrupt oil shipping arm of Sinotrans & CSC, has been approved by the company’s creditors and investors during the second creditors’ meeting.

The restructuring manager said the company is expected to start trading on the National Equities Exchange and Quotations from early next year. Relevant stock regulations show that Nanjing Tanker couldn’t apply to resume stock trading until 2017 after the company was delisted from the stock exchange early this year following losses in three consecutive years.

According to the restructuring manager, Nanjing Tanker has already sold four VLCCs, and it will dispose of all its VLCCs at the end of this year and then focus on the operation of MR tankers. [21/11/14]

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