The workers’ union of bankrupt Yangfan Shipbuilding held a vote on the restructuring plans for the shipyard yesterday, voting against the restructuring plan proposed by the shipyard’s major shareholder Jianlong Group.
At the end of December, Yangfan Shipbuilding filed an application with a court in Qingdao, requesting to change the bankruptcy administrator of the shipyard as it believes the administrator is working against regulations in the restructuring process and has interests associated with Jianlong Group.
The court has already postponed approval of the restructuring plan until further notice.
