SOE, subsidiary of privately-owned Sinopacific Shipbuilding Group, had gone into liquidation in August before it applied to the Qidong court to start debt restructuring, and won the court’s approval on 11 November.
At meeting of creditors, it was revealed that a total of 418 creditors are chasing for RMB8.8bn ($1.27bn) owed by SOE.
The Official Assignee for SOE said that the Chinese shipyard is continuing to complete its existing work but no longer able to receive new jobs, despite its bankruptcy.
On 13 November, SOE delivered the 38,000 cu m ethylene/ethane gas carrier Gaschem Beluga to Ocean Yield. The vessel is the first of two sister ships to be delivered, and the second vessel has scheduled delivery on 1 July 2017.
SOE is also continuing construction on a 27,500 cu m LNG carrier and module fabrication for Russia’s Yamal LNG project.
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