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 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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