Bankruptcy Reorganization

——The largest bankruptcy and reorganization project of Chinese costal shipping company in recent years

 

D  Group Co., Ltd. was established in Zhoushan in 2003. At the beginning of its establishment, it experienced rapid development and once ranked fifth in the national coastal transportation capacity rankings. Originally planned to be listed on the domestic A-share market in 2011, the direct IPO was unsuccessful due to the PE anti-corruption and intermediary brokers' punishment by the Securities Regulatory Commission. In the early stage, in order to meet the requirements of listing, a relatively aggressive business model was adopted. In the end, the group's cash flow broke in 2014 and debt problems broke out intensively. In June 2014, Zhoushan Dinghai Court respectively ruled that D Group and its subsidiaries (6 in total, hereinafter referred to as "Deqin") entered the reorganization process based on the debtor’s application, involving 19 ship assets and a capacity of more than 400,000 dwt. , Mortgage/Lien/Priority and Ordinary Debt 4.8 billion yuan, a total of 204 creditors.

 

In May 2017, Ebridge capital as the reorganization manager invested 540 million yuan and restructured the company by upgrading fleet structure, stabilizing employees and improving the management system. In July 2017, the delivery was completed smoothly and the company backed on track.