STX Dalian assets to be auctioned in May

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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