Sainty Marine Becomes First Listed Shipbuilder to Go Bankrupt

(Shanghai) – State-owned Sainty Marine Co. has become the first listed shipbuilder in China to go under after it announced on February 17 it will begin a court-ordered bankruptcy restructuring.

Employees from a court-appointed trustee company arrived at Sainty Marine's headquarters in eastern city of Nanjing on February 18 and its shipyards have basically stopped operating, an employee of the shipbuilder who asked not to be named said.