CSSC Attempts To Claw Back $11m From Bankrupt JEHI

CSSC Attempts To Claw Back $11m From Bankrupt JEHI

State-owned China Shipbuilding Industry Corp (CSSC) announced on Tuesday that its subsidiary has filed a lawsuit against bankrupt Jiangsu Eastern Heavy Industry (JEHI) in a bid to claw back RMB78.44m ($11.35m). The amount owed to Shanghai-based CSSC-MES Diesel Co, subsidiary of CSSC, was in...

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State-owned China Shipbuilding Industry Corp (CSSC) announced on Tuesday that its subsidiary has filed a lawsuit against bankrupt Jiangsu Eastern Heavy Industry (JEHI) in a bid to claw back RMB78.44m ($11.35m).

The amount owed to Shanghai-based CSSC-MES Diesel Co, subsidiary of CSSC, was in relation to the tailend payment for three units of main engines built for JEHI, wholly-owned by private firm JES International Holdings.
In August 2010, CSSC-MES Diesel and JEHI entered into a contract for the former to supply the latter with four 6S60ME-C8 main engines for use in dry bulk carriers that were being constructed by JEHI.
The financially-troubled JEHI had filed for restructuring in March 2015 and went under court receivership in October 2015. The operations of the shipyard had ceased ever since.
In February 2016, JES International announced that it found an investor, Hong Kong Victo International Limited, interested to buy its shipbuilding business for $500,000. The shipbuilding business of JES included its wholly-owned JEHI and Jiangsu New Eastern Marine Engineering Equipment Co (JNEME) and its 49% owned Jiangsu Nereus Shipyard (JNS). The sale, however, has not been concluded.

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