Financially troubled shipyard Sainty Marine is going to quit the shipbuilding business and dispose of all its shipbuilding assets.
According to the shipyard’s restructuring plan, the parent company of Sainty Marine, Jiangsu Guoxin Group, has set up a special purpose company to handle the asset disposal and terminate contracts with all the employees of the shipyard.
After the disposal, Sainty Marine will mainly focus on the financial trust and power generation businesses.
Sainty Marine announced a restructuring plan in April, in which it plans 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.
Nanjing Intermediate People’s Court has held three auctions of the entire assets of Sainty Marine, all of them failed due to there being no bidders.
