Zhejiang Shipbuilding, the bankrupt subsidiary yard of Sinopacific Shipbuilding, has made an announcement it is seeking new investors to finance a restructuring.
The shipyard was declared bankruptcy by a local court in Zhejiang in April this year while Yangzhou Dayang Shipbuilding, another subsidiary yard of Sinopacific Shipbuilding, is also working on a restructuring plan.
Sinopacific Shipbuilding is currently dealing with financial difficulties resulting in the closure of its Shanghai operation earlier this year. In June, the sale of its offshore unit, Sinopacific Offshore & Engineering, was terminated by CMIC Enric, an affiliate company of China International Marine Containers (CIMC).
