China’s Zhejiang Zhenghe Shipbuilding has filed for restructuring at a district court due to financial difficulties, the shipbuilder said in a statement.
Zheijang Zhenghe had filed an application for restructuring at the Zhoushan District Court on March 31.
The shipbuilder also announced that throughout the restructuring process it expects help from a risk management working group esatiblished by the Government of the Zhoushan District.
The complete restructuring plan is expected to be presented in the next three to five months. Zheijang Zhenghe said the company will work with its stakeholders and all the relevant parties to make sure that the restructuring plan protects their interests.
The shipyard is gradually re-starting its operations, resuming production and bringing back its management and working staff, the statement said.
World Maritime News Staff