Nantong People’s Court has announced that it will hold the second online auction for bankrupt Nantong Mingde Heavy Industry via Taobao on January 20.
The starting price is RMB1.268bn ($195m), down 21% from the RMB1.586bn ($244m) starting price for the first auction which was held on December 13 but failed to attract any bidding.
Nantong Mingde Heavy Industry was one of the largest chemical tanker builders in the world, applied for bankruptcy on, July 31 2015. Fellow shipyard Sainty Marine had applied to restructure Mingde as its largest creditor, however was thrown out from the restructuring by the receiver of Mingde in June.
