Its no secret that ship builders in China have been doing it tough.
Still, its always good practice to release bad news late on New Year's Eve. You know, just in case anyone is still sober.
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.
- The court said it had frozen the assets of Wuzhou Ship Repairing & Building
- Shipbuilder had debts of 911 million yuan and total assets of 534 million yuan as of September 30 this year
- It started having financial difficulties last year
- It's the first state-owned firm to go bankrupt since the shipbuilding industry started slowing last year
