Zhejiang Shipbuilding, a subsidiary of Sinopacific Shipbuilding that has bankrupted, proposed a restructuring plan. Namely, Shangai Yingjun Investment Management company will provide $220 million for the yard’s restructuring. After the restructuring has been completed, Yingjun Investment will have full control of the yard.
Currently, Zhejiang Shipbuilding has RMB 3.178 billion of confirmed liabilities, while its total asset value amounts to RMB 953 million.
A meeting will be held on September 15 to vote on the restructuring plan, according to which the company will diversify its operations, without revealing more information.
In case the restructuring goes as planned, every Sinopacific Shipbuilding subsidiaries that Zhejiang businessman Liang Xiaolei managed will change hands.
What is more, the parent company of Sinopacific Shipbuilding, Evergreen Holding, faces financial problems as well, as it has defaulted bond payments and has open court cases with many creditors. In addition, Sinopacific Offshore was sold to the state run CIMC in 2017.
