Chinese private shipyard Taizhou Kouan Shipbuilding has emerged from bankruptcy after new investors took control of the yard.
The yard entered into a court-led restructuring after it was declared bankrupt by a local court in August due to a financial crisis.
Two local companies, Taizhou Changqin Ship Engineering and Taizhou Changyue Enterprise Management, have taken over the yard. The restructuring plan has been approved by the majority of creditors and the court, and is now in the execution phase.
VesselsValue data shows Taizhou Kouan currently has an orderbook of 12 vessels, made up of eight bulkers and four tankers.
Taizhou Kouan Shipbuilding was formerly a state-owned yard named Domestic Trade Ministry Kouan Shipbuilding Industry and was privatised in 2007.