Bankrupt Chinese shipyard Sainty Marine has announced that Nanjing Intermediate People’s Court has approved the company’s request to extend the submission of its detailed restructuring plan to November 4 as the final deadline.
Sainty Marine announced a draft restructuring plan in April, in which it planned to issue 2.3bn new shares to raise RMB21bn ($3.2bn) for the acquisitions of a series of trust and power plant assets owned by its parent Jiangsu Guoxin Group.
The company was supposed to released a detailed plan to the court by August 4.
Sainty Marine is going to quit the shipbuilding business and is now trying to dispose of all its shipbuilding assets.
Sainty Marine said it is still facing the risk of being liquidated if the restructuring fails.