Sinopacific Dayang Shipbuilding holds first creditors’ meeting

Bankrupt Yangzhou Dayang Shipbuilding, a subsidiary of Sinopacific Shipbuilding Group, has held its first creditors’ meeting on Saturday, more than two months after the yard went under receivership.

The local media reported that more than 700 people attended the meeting, including creditors and their representatives, management and staff of the shipyard, the legal and audit team, and the bankruptcy administrators.

In July, Dayang Shipbuilding applied to the local court to restructure its debts with the court approving its case and appointing an official assignee to administer the bankruptcy affairs.

The privately-owned shipyard has since ceased all operations but struggled to pay up the salaries owed to the yard workers.

Dayang Shipbuilding was once well-known for its inhouse proprietary design series, namely the Crown58 59,000-dwt supramax, Crown65 63,500-dwt ultramax, Crown121 121,000-dwt mini-capesize, and Crown MHI82 82,000-dwt bulk carrier jointly designed by Sinopacific and Japan’s Mitsubishi Heavy Industries (MHI).

Apart from Dayang Shipbuilding, Sinopacific also shut down its Shanghai ship design department early last year.

Sinopacific’s two other subsidiaries, Sinopacific Offshore & Engineering (SOE) and Zhejiang Shipyard, have also declared bankrupt and are undergoing restructuring.

Posted 03 October 2017

© 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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