New owner for Weihai Samjin Shipyard

New owner for Weihai Samjin Shipyard

The restructuring plan for bankrupt Weihai Samjin Shipyard has been approved by both creditors and the local court and the shipyard is expected to resume operation in 2016, Chinese local media has reported.

Korean-invested Weihai Samjin Shipyard suffered from a series of order cancellations, and was declared bankruptcy by Weihai Intermediate People’s Court under a request from creditor bank ICBC in September 2014. The local government has since been looking for new investors in an effort to rescue the yard.

After negotiations with a number of potential investors, Weihai Samjin signed an investment agreement with Zhejiang-based Xiaoke Holdings, a subsidiary of Zhouji Group, a multi-sector company with businesses involved in financing, heavy industries, energy and real estate.

Xiaoke Holdings has taken over Weihai Samjin, and is working towards the shipyard resuming operations in 2016.

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.

Related Posts