Yangzhou Dayang Shipbuilding seeks new investors

Yangzhou Dayang Shipbuilding seeks new investors

Yangzhou Dayang Shipbuilding, the bankrupt subsidiary yard of Sinopacific Shipbuilding, has released a notice seeking for new investors to revive the yard.

According to the notice, Dayang Shipbuilding currently has around RMB4.55bn ($710m) of debts with creditors.

The potential investors are required to submit plans to the shipyard before a deadline of January 31.

SUMEC Group, a machinery manufacturer and a major creditor of Dayang Shipbuilding, was linked to a possible takeover of the yard last year, but the deal has gone quiet since.

Dayang Shipbuilding was declared bankrupt by a court in July 2017 due to a long standing debt crisis. Its sister yard, Zhejiang Shipbuilding went into a liquidation process.

The parent group of Sinopacific Shipbulding, Evergeen Holding is now in deep financial trouble with total liabilities amounting to nearly RMB7bn.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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