State-Owned Shipbuilder Goes Bankrupt as Industry Slows

(Shanghai) - A court in the eastern province of Zhejiang said it recently accepted a bankruptcy case involving a state-owned shipbuilder, the first government-backed company to go under amid an industry slowdown.

Zhoushan Intermediate People's Court said it accepted a petition filed by Zhejiang Shipping Group regarding the bankruptcy of a subsidiary called Zhoushan Wuzhou Ship Repairing & Building Co. Ltd.