Bankrupt shipyard STX Dalian is set to have a fifth auction following the failure of all four previous auctions for the shipyard’s assets since 2015.
Shanghai International Commodity Auction Company will hold an auction for the shipyard’s assets including land property, equipment and inventory on March 13.
STX Dalian, once one of the largest shipyards in the world, went bankrupt in 2014 due to a financial crisis at its parent in South Korea leaving over 20,000 employees out of work.
STX Dalian has debts of more than $3.8bn in total, and so far a large number of creditors have been unable to get payment.
The fall of STX Dalian triggered the collapse of the economy at Dalian’s Changxing Island, where the local economy was built around the shipyard after its establishment in 2006.