Court to auction Hanjin stake in Chinese yard

Court to auction Hanjin stake in Chinese yard
Jason Jian April 20th, 2018 https://splash247.com/court-auction-hanjin-stake-chinese-yard/

China’s Ningbo Maritime Court will hold an auction for bankrupt South Korean shipping firm Hanjin Shipping’s entire 34.71% equity shares in Zhejiang Eastern Shipyard (ZESCO) via online platform Taobao on May 21.

The shares have been frozen by the court since Hanjin Shipping went bankrupt in 2016.

The starting price for the shares in the auction is RMB171m ($27.2m).

ZESCO was originally established in 2007 by Hanjin Shipping and Qingdao Shunhe Shipping as a 50/50 joint venture and it mainly offers ship repair and conversion services.

Following a series of share transfer deals in the past few years, the shipyard is now jointly owned by Hanjin Shipping, Shanghai Changjiang Shipping, K Line, and China Merchants Group.