On July 10, the administrator of Qingdao Heshun Shipyard issued an announcement on the continued recruitment of restructuring investors for the restructuring case.
The original restructuring investor of Heshun Shipyard lost its qualification as a restructuring investor due to failure to pay the restructuring investment funds in accordance with the time stipulated in the restructuring plan. In order to promote the successful restructuring of Heshun Shipyard and protect the legitimate rights and interests of creditors and debtors to the greatest extent, the administrator continued to recruit restructuring investors from the public after reporting to the Qingdao Shibei People’s Court.
According to the announcement, Heshun Shipyard was established on November 12, 1989 with a registered capital of RMB 50 million (approximately US$6.98 million). The shipyard has facilities and ship repair docks, covering an area of 100,000 square meters, a plant construction area of 17,800 square meters, a licensed area of 15,843 square meters, a sea area of 3.333 hectares (with a sea area use right certificate) with a coastline of 630 meters.
Heshun Shipyard’s main operating site is located in an excellent port area with a year-round ice-free period. It is the only medium-sized shipyard in Qingdao and its surrounding areas.
Heshun Shipyard’s production equipment includes: 2 12,000-ton docks, 1 15,000-ton dock (separable for use), 200-meter and 150-meter outfitting quays, 10-ton portal cranes, more than 20 gantry cranes of various tonnages, such as 100-ton, 80-ton, 50-ton and 40-ton, 1 powered flatbed transporter, and complete workshops and equipment for shipbuilding steel plate pretreatment, CNC cutting, machining, welding, spraying, etc. The shipyard is capable of undertaking dock repair projects for ships under 15,000 DWT, various ship voyage repair projects, steel structure manufacturing projects, as well as the supply of ship materials and spare parts.
Heshun Shipyard boasts strong technical capabilities in ship repair and construction. Its main products in the past include official law enforcement ships, engineering ships, dry cargo ships, multi-purpose ships, product oil tankers, and ocean-going fishing vessels, among others. The ship types cover 100-ton fishery administration ships, 100-ton marine surveillance ships, 300-ton fishery administration ships, 500-ton monitoring ships, 500 DWT oil spill recovery vessels, 4800HP AHTS (Anchor Handling Tug Supply) vessels, 6600 DWT product oil tankers, 9000 DWT multi-purpose ships with Ice Class 1A reinforcement, 3500 m³ trailing suction hopper dredgers, tuna longliners, seine vessels, trawlers, and marine monitoring buoys.
According to reports, Heshun Shipyard ceased all production and business operations in 2017. The announcement disclosed that, as of the date of the announcement, the administrator had received and reviewed 317 claims from 312 creditors, with a total claim amount of nearly RMB 950 million.
According to the investigation by the administrator, the employee claims of Heshun Shipyard amount to about RMB 20 million, and the employee common debts of more than RMB 1.16 million were incurred during the bankruptcy reorganization. At present, the employee claims and common debts have been paid off, and the employee medical insurance, social security and provident fund have been paid.
In April 2021, Heshun Shipyard applied to the court for bankruptcy reorganization on the grounds that it was seriously insolvent and unable to repay its due debts. In May of the same year, the Qingdao Shibei People’s Court, Shandong Province (Shibei District Court) decided to conduct a preliminary reorganization of Heshun Shipyard. In August, the Qingdao Shibei People’s Court accepted Heshun Shipyard’s bankruptcy reorganization application.
Heshun Shipyard issued its second investor recruitment announcement in February 2023, aiming to revitalize its assets and realize restructuring value. At the end of 2023, the court formally approved its restructuring plan.