Titan Petrochemical has announced that a court in Fujian has accepted an application by Hui’an County Huidong Water Supply Company to wind up its subsidiary, Titan Quanzhou Shipyard.
The court has ordered to set up a liquidation team in relation to the winding up of the shipyard.
Titan said it is seeking professional advice on the matter and is in the course of assessing the impact of the decision.
Financially troubled Titan Petrochemical has been disposing of its assets to improve its financial status. The company sold a total of four subsidiaries this month including Zhoushan Yatai Shipbuilding.