New owner starts restructuring of JES

Victor International, the new owner of Chinese shipyard JES, has started a restructuring of the shipyard according to a letter sent to its creditors.

JES applied for a restructuring in March 2015, however the application was rejected by Taizhou Intemediate People’s Court and the company filed an appeal in Jiangsu High People’s Court. The application was recently approved.

The receiver of the shipyard has asked all creditors to declare debts.

JES International Holdings sold its shipbuilding business to distressed debt investor Victo International for a cash consideration of $500,000 plus a possible adjustment fee in February.

Victo International will assume responsibility for the shipyards’ known bank debts of around RMB1.9bn ($297.5m).