Nanjing Intemediate People’s Court has announced that it has been commissioned by the receiver of Sainty Marine to auction the shipyard’s entire assets on April 16 through online platform Taobao.com.
Bidders are required to pay a fund guarantee of RMB110m ($17m) to join the auction. The starting price is RMB2.15bn ($332m).
If the auction fails, the second and third auction is scheduled on April 25 and May 3 respectively.
The court ordered a restructuring of Sainty Marine in January following the Nantong branch of Bank of China, a creditor of Sainty Marine, applying with the court to liquidate the shipyard at the end of December 2015.