SUMEC confirms Dayang Shipbuilding restructuring

SUMEC confirms Dayang Shipbuilding restructuring

SUMEC Group, a machinery manufacturer based in Jiangsu, has confirmed that it would join the restructuring of Yangzhou Dayang Shipbuilding, the bankrupt yard of Sinopacific Shipbuilding.

Splash first reported in January that SUMEC Group was looking to take over Dayang via a new joint venture company.

According to the restructuring plan, SUMEC and two of its affiliate companies will jointly provide RMB1.88bn ($282m) to take over full equity interest in Dayang Shipbuilding, and promote the transformation of the shipyard.

The restructuring plan is still waiting on approval by the court.

Dayang Shipbuilding went into liquidation process in July 2017 due to a debt crisis with the parent group of Sinopacific Shipbuilding, Evergreen Holding, also in deep financial trouble.

Another subsidiary yard of Evergreen Holdings, Zhejiang Shipbuilding, went bankrupt while Evergreen Holding sold its offshore yard Sinopacific Offshore to CIMC Enric last year.

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.

Related Posts