Greater ChinaShipyards

Sinopacific Shipbuilding’s parent company in debt default

Shanghai Clearing House has announced that Evergreen Holding Group, the parent group of Sinopacific Shipbuilding, hasn’t been able to make enough interest payments for its bond issued in 2015.

Evergreen Holding Group issued an RMB400m ($61.2m) bond with a maturity of one year in 2015, and now the group is unable to make payment to bondholders.

The group’s subsidiary shipyard Zhejiang Shipbuilding went bankrupt in April this year, and another subsidiary yard, Yangzhou Dayang Shipbuilding, is in the middle of a restructuring process.

Under pressure from the bond underwriter ICBC, Evergreen Group said it is currently making efforts to make the repayment through asset disposal.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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