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Winland Ocean Shipping files for bankruptcy

Winland Ocean Shipping files for bankruptcy
China’s Winland Ocean Shipping Corp has filed for Chapter 11 bankruptcy protection last week in the US, reports said.

The Dalian-based dry bulk shipowner, together with five of its subsidiaries, would need to restructure its debt amounting to around $48m.

The move to file for bankruptcy protection came after two of the company’s ships were arrested in Singapore and China late last year over unpaid loans, Bloomberg reported. Winland was reportedly left with one vessel in operation.

In 2014, Winland registered a net loss of approximately $8m and a revenue of $12.6m.