Zhejiang shipbuilding enters 'bankruptcy reorganization' procedure

2016-04-19 09:00

According to netizens, Zhejiang Shipbuilding Co., Ltd. (hereinafter referred to as "Zhejiang Shipbuilding") has entered bankruptcy reorganization proceedings.

According to the information provided by the netizen, the court has accepted Zhejiang Shipbuilding's bankruptcy reorganization application and is currently recruiting reorganization investors. The netizen also stated that some of Zhejiang Shipbuilding's orders might be transferred to Dayang Shipbuilding.

Longchuan contacted some current employees of Zhejiang Shipbuilding, who stated that the company is indeed undergoing reorganization.

Longchuan obtained a screenshot of a "Zhejiang Shipbuilding Application for Bankruptcy Reorganization Case Competitive Appointment of Administrator Inquiry Letter", which shows that the bankruptcy reorganization case application of Zhejiang Shipbuilding Co., Ltd. has been accepted by Fenghua City People's Court. According to the application of Fenghua Court and relevant regulations, a joint team of lawyers and accounting firms will be determined through competition to assist the Zhejiang Shipbuilding Co., Ltd. Crisis Working Leadership Group in the liquidation and reorganization of Zhejiang Shipbuilding Co., Ltd.

To further verify the above incident, Longchuan attempted to contact the head of Zhejiang Shipbuilding and its parent company, Taipingyang Shipbuilding, hoping for a response, but has not received a reply as of the time of publication.

Zhejiang Shipbuilding was founded in 1969, formerly known as Zhejiang Shipyard, and was originally an enterprise directly under the Zhejiang Provincial Department of Communications. It was once listed as a key backbone enterprise by Ningbo City. After several changes, it was reorganized by Taipingyang Shipbuilding in 2003 and renamed Zhejiang Shipbuilding Co., Ltd.

In fact, Taipingyang Shipbuilding, Dayang Shipbuilding, and Zhejiang Shipbuilding are all in financial difficulties. Liang Xiaolei, the head of these three companies, stated in a media interview last month that he bears most of the responsibility for these issues and hopes that these three shipyards can survive. He firmly believes that the future reconstruction of the shipyards will still depend on themselves.

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