After seven years, the largest and most complex bankruptcy liquidation case inChina’s shipbuilding industry has finally made critical progress. So far, STX(Dalian), the largest foreign-funded shipbuilding enterprise in China, has finally welcomed the “big financier” after nearly 10 years of bankruptcy.
Hengli Group, the second largest private enterprise in China, invested 1.729 billion yuan to acquire STX (Dalian) assets, which will build a high-end coastal equipment manufacturing base.
On July 8, Hengli Heavy Industry Group, a subsidiary of Hengli Group, spent 1.729 billionyuanto acquire the assets of 13 companies including STX(Dalian) Shipbuilding.
Since last year, the global new shipbuilding market has gradually recovered, with new ship orders hitting a new high. STX(Dalian)’s former parent company, South Korea’s STXMarineShipbuilding, also successfully sold and renamed KShipbuilding last year, regaining its vitality.
Whether the new “STX(Dalian)” can rise again remains to be seen.
