Sainty Marine freezes assets of two debtor companies

Sainty Marine freezes assets of two debtor companies

Debt-ridden shipyard Sainty Marine, which has been sued by dozens of creditors for overdue debts, is also actively collecting overdue debts from its debtors in order to improve its financial situation.

The yard has announced that it has applied with Nanjing People’s Court to freeze RMB50m ($8.05m) worth of assets of Hefei Caicheng Property Development and Chizhou Best Property Company, with the court approving the request.

Sainty Marine has been suffering difficulties in collecting overdue debts from its trading business and financing business, it has a series of ongoing court cases with its debtor companies.

The company announced in January this year that it was facing the risk of being unable to collect RMB182m ($29.3m) from debtor companies.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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