Qingdao Yangfan restructuring plan proposed

Qingdao Yangfan restructuring plan proposed

Jianlong Group, the controlling shareholder of bankrupt Qingdao Yangfan Shipbuilding, has proposed a restructuring plan to rescue the yard.

Under the plan, Jianlong Group will offer RMB3.8bn ($580m) to solve the debt issues of the shipyard and diversify business at the shipyard to include non-shipbuilding activities.

Jianlong Group currently holds a 78% stake in the shipyard and it also plans to take over the remaining 22% stake from state-owned Huatong Group.

Creditors represent more than half of Qingdao Yangfan’s debt have approved the restructuring plan in a preliminary vote.

In September, over 300 employees of Qingdao Yangfan protested against Jianlong Group claiming it hadn’t delivered on its promises to solve the issue of unpaid salaries since the shipyard was declared bankrupt.

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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