New owner starts restructuring of JES

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).

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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