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Judger’s debt-ridden shipbuilding subsidiaries seek investors

Judger’s debt-ridden shipbuilding subsidiaries seek investors
Debt-ridden Judger Shipbuilding and Yuandong Shipyard, both subsidiaries of Judger Group, are looking for investors to lift them out of trouble, according to the receivers of the companies.

The receivers, consisting of three law firms based in China’s Zhejiang province, announced that the shipyards are seeking investments from the shipbuilding and logistics sectors, including cargo distributors and warehouse providers.

Both Judger Shipbuilding and Yuandong Shipyard applied to Wenzhou Intermediate Court in April to restructure its debts, spanning across 49 creditors demanding RMB1.2bn ($193.4m).

The parent firm Judger Group, a multi-sector enterprise mainly engaged in the clothing and real estate businesses, is itself undergoing a restructuring process since February this year.

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