Recently, the administrators of Zhejiang Peninsula Industry Co., Ltd. and Zhejiang Panzhi Ship Building And Repairing Co., Ltd. have issued a notice for the convening of the fourth creditors’ meeting in the consolidated bankruptcy and reorganization case of the two shipbuilding companies.
According to the notice, the fourth creditors’ meeting of the two companies will be held online on September 4th to vote on the draft restructuring plan. A total of 109 creditors were required to attend the meeting and have voting rights, representing approximately RMB 800 million (approximately US$112 million) in unsecured claims. 91 creditors, representing 83.49% of the total, actually attended the meeting, with unsecured claims totaling RMB 766 million (approximately US$107 million), or 96.17%.
This vote marks a significant turning point in the restructuring case involving nearly US$112 million in debt, and will determine whether these two shipbuilders can be reborn.
According to public information, on November 29, 2024, the People’s Court of Dinghai District, Zhoushan City, Zhejiang Province, ruledto accept the bankruptcy reorganization application filed by Zhoushan Yijin Ship Accessories Manufacturing Co., Ltd. (the applicant) against Zhejiang Peninsula Industry. Meanwhile, the court appointed Beijing Zhong Lun Law Firm (Shanghai Office) as the administrator of Zhejiang Peninsula Industry.
Zhejiang Peninsula Industry, formerly known as Zhoushan Anda Ship Repair and Building Co., Ltd., was established on October 20, 2004. Located in Panzhi Village, Huannan Subdistrict, Dinghai District, Zhoushan City, the company has registered capital of RMB 100 million. The company’s primary business involves the construction and repair of marine engineering vessels, chemical vessels, modern luxury yachts, military products, steel structure fabrication, and various special-purpose vessels.
Zhejiang Peninsula Industry’s main production facilities include an 80,000-ton wharf, a 30,000-ton dry dock, and an 80,000-ton dry dock. There is also a 400-ton heavy machinery pier and a large dock berth. There are also one 400-ton gantry crane, one 300-ton gantry crane, and two 150-ton gantry cranes. Its property has a building area of approximately 23,000 square meters with a property ownership certificate, and approximately 22,000 square meters without a property ownership certificate. The company owns two plots of land, both for industrial use, totaling 107,000 square meters, and both are mortgaged.
Zhejiang Panzhi Ship Building and Repairing, formerly known as Zhoushan Dinghai Panzhi Shipyard and Dinghai County Panzhi Shipyard, was established on August 27, 1980. Located in Dongshantou, Panzhi, Huannan Subdistrict, Dinghai District, Zhoushan City, the company has a registered capital of RMB 30 million. Its main business is drydock repair, overhaul, and conversion of various types of ships.
Zhejiang Panzhi Ship Building and Repairing owns a 5,000-ton floating dock, a 5,000-ton dock, a 10,000-ton slipway, and a 2,000-ton slipway. The company also owns approximately 7,600 square meters of property with a property ownership certificate and approximately 2,000 square meters of property without a property ownership certificate. The company also owns three plots of land, all for industrial use, totaling 108,000 square meters, all of which are mortgaged.