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3 bankrupt shipyards seek capital
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THREE major shipyards in Zhejiang Province yesterday said they are seeking investors to help them restructure out of bankruptcy.
Two Zhoushan-based subsidiaries of China Shipbuilding Industry Corp and Zhoushan Xuhua Metal Materials Co, which was registered as a shipbuilder, went bankrupt last year.
The three companies owed 1.7 billion yuan (US$262 million) but had assets with a book value of 670 million yuan in houses, land tenure, docks and wharfs, according to recent data.
They have until June 15 to look for investors to provide a cash deposit of 5 million yuan. But the three companies are not obliged to continue operations in shipbuilding or maritime activities as stated clearly by their prospectus.
A staff at the China Classification Society said Chinese shipyards rarely have sufficient funds for shipbuilding amid the slowing economy.
State-owned shipyards Wuzhou Ship Repairing & Building and Sainty Marine Co have gone bankrupt since the end of 2015, and Wuhu Shipyard Co indicated recently it was about to do so.
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