Shanghai: Debt-ridden shipyard Sainty Marine has announced that it has paid back a RMB22.9m ($3.69m) overdue loan in total to Bank of Nanjing.
After the payback, Sainty Marine still has a total of RMB510m in overdue loans.
In the meantime, Sainty Marine said it has reached settlement with Zibo Daya Electromechanical Technology (ZDET) regarding a debt dispute after it paid back RMB324.9k debt to the latter. ZDET has now withdrawn the request to freeze the assets of Sainty Marine from the court.
Sainty Marine currently has dozens of ongoing court cases, and has suffered numerous cancellations as it struggles to survive the restructuring of Mingde Heavy Industry.