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Nanjing Huatai Shipbuilding files for bankruptcy

Photo: Unsplash bankruptcy-unsplash.jpg
The privately-owned Chinese yard, Nanjing Huatai Shipbuilding, has filed for bankruptcy with district courts.

Local authority Nanjing Municipal Qixia District Peoples Court has received Nanjing Huatai Shipbuildings petition for bankruptcy and has assigned a law firm to be the administrator.

Nanjing Huatai Shipbuilding, established in 2003, was capable of designing and building 10,000 tonnes-class ocean going vessels, as well as ship repair and recycling. 

The company suffered serious financial issues in 2020 and was unable to repay its debts.

The first meeting of creditors is scheduled to be held in May this year. 

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