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SOE holds first creditors’ meeting, embarks on debt restructuringSOE holds first creditors’ meeting, embarks on debt restructuring

China’s Sinopacific Offshore & Engineering (SOE) has held its first creditors’ meeting after the company embarked on a debt restructuring phase about two weeks ago, reports said.

Lee Hong Liang, Asia Correspondent

November 24, 2016

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SOE, subsidiary of privately-owned Sinopacific Shipbuilding Group, had gone into liquidation in August before it applied to the Qidong court to start debt restructuring, and won the court’s approval on 11 November.

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

The Official Assignee for SOE said that the Chinese shipyard is continuing to complete its existing work but no longer able to receive new jobs, despite its bankruptcy.

On 13 November, SOE delivered the 38,000 cu m ethylene/ethane gas carrier Gaschem Beluga to Ocean Yield. The vessel is the first of two sister ships to be delivered, and the second vessel has scheduled delivery on 1 July 2017.

SOE is also continuing construction on a 27,500 cu m LNG carrier and module fabrication for Russia’s Yamal LNG project.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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