Mingde Heavy Misses Restructuring Plan Delivery Deadline

Mingde Heavy Misses Restructuring Plan Delivery Deadline

Nantong Mingde Heavy Industry, a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court.

The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014.

China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within six months of the court’s acceptance of the restructuring plan.

The court now has an option to push the deadline for additional three months.

Sainty Marine says it has not been given an explanation as to why the deadline was missed, and is currently in contact with the bankruptcy administrators at Mingde.

Earlier this year Sainty Marine said that Mingde is experiencing difficulties with respect to the delivery of 32 newbuilding units due to the latter’s ongoing restructuring process.

Sainty Marine has been struggling with financial hurdles over the recent period which saw freezing of its assets by banks in addition to defaulting on its bank loans.

World Maritime News Staff

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