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Sainty Marine faces restructuring on court ruling

Sainty Marine faces restructuring on court ruling
China’s Nanjing Intermediate People’s Court has ruled to restructure debt-ridden Chinese shipbuilder Sainty Marine.

One of Sainty Marine’s major creditor, Bank of China’s Nantong branch, had applied to the Nanjing court in December 2015 to liquidate the shipyard over unpaid debts

Sainty Marine now has to present a restructuring plan to the court by 17 April, and has requested to its receiver for it to continue operations during this period.

The troubled shipbuilder had already warned of a delisting from Shenzhen Stock Exchange as it anticipates two consecutive years of losses, and it is currently being investigated by China Securities Regulatory Commission for violating listing rulings.

Financially-shaken Sainty Marine is facing a hosts of problems including cancellation of shipbuilding contracts by buyers, frozen bank accounts, resignation of key executives, suspension of shares trading, and unpaid debts.