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STX Dalian Shipyard bankrupted

Noam Stiekema

The People’s Court of Dalian ordered bankruptcy liquidation of STX Dalian Shipyard, due to unavailability to cover the due payments and the due debts, revealed Maritime News Journal. The STX Dalian Shipbuilding Co Ltd was established in 2006 and is the largest foreign-funding yard in China, which is fully owned by South Korean Shipbuilder STX […]

STX Dalian Shipyard

The People’s Court of Dalian ordered bankruptcy liquidation of STX Dalian Shipyard, due to unavailability to cover the due payments and the due debts, revealed Maritime News Journal.

The STX Dalian Shipbuilding Co Ltd was established in 2006 and is the largest foreign-funding yard in China, which is fully owned by South Korean Shipbuilder STX Corporation. The shipyard has debt of 3.2 billion USD and the procedure of bankruptcy was started in June 2014, but then the company requested time for restructuring and reorganization.

During the last 6 months STX Dalian Shipyard lay-off 10,000 employees and attempted to find more funds for investment. Unfortunately the shipyard lost several orders and was unable to get new ships for building, which make the whole reorganization unsuccessful.

The Chinese court ordered bankruptcy liquidation of STX Dalian Shipbuilding Co Ltd, which will lead to the lay-off of the remaining employees at shipyard. the Chinese shipbuilder Dalian Shipbuilding Industry Company had serious interest to acquire the company, but the China Shipbuilding Industry Corporation denied it and the deal was canceled. The future of the shipyard is blur and unknown, but the sale will be hard due to the high debts and low incomes.

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