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Bankrupt Sinopacific Offshore & Engineering seeks investors

Bankrupt Sinopacific Offshore & Engineering seeks investors
Bankrupt Sinopacific Offshore & Engineering (SOE) has announced that it is looking for investors to help restructure the company.

The subsidiary yard of privately-owned Sinopacific Shipbuilding had gone into liquidation in August this year, and embarked on a debt restructuring in November upon approval by the court.

A recent statement from SOE said the embattled company is seeking investors to help pay its debts and allow operations to continue.

Potential investors are requested to express their interests by 31 December 2016.

At a first meeting of creditors last month, it was revealed that a total of 418 creditors are chasing for RMB8.8bn ($1.27bn) owed by SOE.

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