Chinese private shipyard Taizhou Kouan Shipbuilding has entered into a court-led restructuring after it was declared bankrupt by a local court.
The ruling came after the court froze RMB90m ($12.6m) worth of the shipyard’s assets at the request of creditors in June. According to the court, the deteriorating financial status of the shipyard has affected the timely delivery of ships at the yard.
The court has appointed administrators to Taizhou Kouan and is now seeking new investors to restructure the yard.
Taizhou Kouan Shipbuilding was established in the 1970s and is one of the major private shipyards in China.
VesselsValue data shows the shipyard currently has an orderbook of 15 ships made up of 11 bulk carriers and four tankers.