Zhong Chuan Heavy Industry declared bankrupt

Zhong Chuan Heavy Industry declared bankrupt

Zhoushan Intermediate People’s Court has declared Zhong Chuan Heavy Industry Shipbuilding bankrupt, along with two affiliate companies Zhong Chuan Heavy Industry Equipment and Zhoushan Xuhua Metal Materials, due to their inability to repay debts.

The receiver is now looking for new investors to restructure the companies, which have total liabilities of about RMB1.7bn ($261m).

Zhong Chuan Heavy Industry Shipbuilding, having started operations in 2008, hasn’t received any new orders since 2014.

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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