Bankrupt Sinopacific Offshore & Engineering, a subsidiary yard of Sinopacific Shipbuilding, has announced that it is now looking for new investors to restructure the company.
Sinopacific Offshore & Engineering went into court receivership in August at the request of Shanghai Baosteel Pudong International Trade Company, a major creditor of the yard.
In June, CIMC Enric, an affiliate company of China International Marine Containers (CIMC), terminated the acquisition of Sinopacific Offshore & Engineering as it claims the parent company of Sinopacific Offshore had breached certain material terms in the agreement. It also terminated a financial assistance framework agreement with Sinopacific Shipbuilding and Evergreen Holding.
According to the yard, Sinopacific Offshore’s assets are under evaluation and it is hoping to find new investors to help with debt repayment and to support the operations.
Potential investors are being asked to submit information to the yard receiver by the end of the year.
