Chinese court delays ruling on liquidating Sainty Marine

A local Chinese court has pushed back its decision on an application by a creditor bank to liquidate distressed shipbuilder Sainty Marine.

Shenzhen-listed Sainty Marine announced on Tuesday that Nanjing Intermediate People’s Bank has informed the company of the court’s delayed ruling to an unspecified date.

On 23 December 2015, Bank of China’s Nantong branch applied to the Nanjing court to liquidate Sainty Marine over unpaid debts.

Financially-shaken Sainty Marine is facing a hosts of problems including cancellation of shipbuilding contracts by buyers, frozen bank accounts, resignation of key executives, suspension of shares trading, and unpaid debts.

Posted 13 January 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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