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Two DSIC companies file for bankruptcy

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China Shipbuilding Industry Company (CSIC) says that engineering repair, conversion and recycling units Dalian Shipbuilding Industry Marine Services and DSIC Steel Engineering Co are facing bankruptcy.

The companies are controlled by Dalian Shipbuilding Industry (DSIC) were unable to repay debts to their creditors and had suffered a cash shortage. Dalian Intermediate People’s Court ruled on the bankruptcy of the two companies.

Over the last three years, the accumulated losses of Dalian Shipbuilding Industry Marine Services and DSIC Steel Engineering reached RMB633m and RMB422m respectively.

Dalian Shipbuilding Industry Marine Services and DSIC Steel Engineering Co are mainly engaged in ship and marine engineering products’ repair, conversion, scrapping and recycling. The two are jointly owned by DSIC (67%), Pacific International Lines (PIL) (18%) and Anshan Iron & Steel (15%). PIL took the stake in the ventures in 2012.

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Currently, Shanhaiguan Shipbuilding Industry, a subsidiary of DSIC, and its subsidiaries are providing ship repair and conversion related services. The bankruptcy of the two companies will not affect the normal operation of the group.

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