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.