China's STX Dalian Shipbuilding Affiliates in Bankruptcy

By George Backwell
Tuesday, July 01, 2014
An STX Shipyard scene: Photo STX

Six affiliated companies of STX Dalian Shipbuilding, China's largest wholly foreign-funded shipbuilding company, are to start bankruptcy reorganization procedures, reports Xinhua, citing a court statement in Dalian City in northeast China's Liaoning Province.

STX Dalian Shipbuilding is the Chinese unit of STX Group, one of the world's top five enterprises in the shipbuilding industry.

The court indicated to Xinhua that, due to their inability to pay off their debts before the due date, the companies had filed a bankruptcy reorganization plan with the court.

Bankruptcy reorganization aims to help companies that are facing bankruptcy but still have value and hope to reemerge. Xinhau adds that the policy has been adopted by many countries.

STX Dalian Shipbuilding was established in 2007, with a registered capital of 1.125 billion U.S. dollars.
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Legal

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Shipbuilding

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Boatbuilding in China

While much of the focus on coverage of the Chinese shipbuilding industry is on big shipbuilding, Maritime Reporter switches gears this month to explore activities in select boatbuilding sectors.

HMS Prince of Wales Bridge Sets Sail

The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth.   Upper Block 07 is where

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3041 sec (3 req/sec)