Bankrupt Yangzhou Dayang Shipbuilding, a subsidiary of Sinopacific Shipbuilding Group, has held its first creditors meeting on Saturday, more than two months after the yard went under receivership.
The local media reported that more than 700 people attended the meeting, including creditors and their representatives, management and staff of the shipyard, the legal and audit team, and the bankruptcy administrators.
In July, Dayang Shipbuilding applied to the local court to restructure its debts with the court approving its case and appointing an official assignee to administer the bankruptcy affairs.
The privately-owned shipyard has since ceased all operations but struggled to pay up the salaries owed to the yard workers.
Dayang Shipbuilding w…
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