Western India Shipyard to be liquidated

Western India Shipyard to be liquidated

India’s ICICI Bank has initiated insolvency proceeding against Western India Shipyard, a subsidiary ship repair yard of ABG Shipyard.

Western India has outstanding debts of Rs130 crore ($20.5m). It has been given a deadline of January 12 to submit claims.

ABG Shipyard owns a 53% stake in Western India, and has tried to sell the yard since 2016. Lenders have a stake of around 12% in the yard.

ABG Shipyard itself is undergoing bankruptcy proceedings, and banks led by ICICI Bank have called for binding bids for the company. In October 2017, India’s maritime regulator also suspended ABG Shipyard’s shipowning unit PFS Shipping.

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.

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