Greater ChinaShipyards

STX Dalian assets to be auctioned in May

Dalian: Dalian Intermediate People’s Court has announced that it will auction the assets of shipbuilding group STX Dalian and its six subsidiaries on May 12, following the shipyard receiving a court ruling to liquidate in March.

The assets to be auctioned including shipbuilding facilities, land properties, projects under construction, vehicles and inventories. Total value of the assets is around RMB5.8bn ($936m).

STX Dalian applied with the court for a restructuring in May 2014, however, the court terminated the restructuring process on March 2015 as the yard had failed to send a restructuring plan to the court before the deadline due to a lack of potential investors.

Currently STX Dalian has debts of more than RMB24bn ($3.8bn) in total, with around 740 creditors and salary arrears of RMB480m ($76.6m) to 5426 employees.

Shanghai International Commodity Auction Co and Beijing Yatelan International Auction are the joint agencies for the auction. Bidders are required to pay a guarantee of RMB100m ($16.1m).

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.
Back to top button