Greater China

Rongsheng fails to repay 15 creditors

Shanghai: Jiangsu Rongsheng Heavy Industries has failed to repay RMB11.1m debt to a total of 15 creditors due to financially difficulties at the shipyard.

According to judicial documents issued by Jiangsu Rugao People’s Court, the creditors are all suppliers of the yard. The creditors received court rulings in 2013 and 2014, which required Rongsheng to repay them however the creditors have now applied for enforcement of the court ruling as Rongsheng has not made the payments.

Rongsheng has been suffering losses since 2012, and recently reported a net loss of RMB3.36bn for the first three quarters of 2014, and now faces delisting from the stock exchange if it suffers losses for full year. [05/02/15]

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