October 27th, 2016 
Jason Jiang Dry Cargo, Greater China 0 comments
Zhejiang Ocean Shipping (Zosco), a major state-run dry bulk shipping company in Zhejiang, has been declared bankrupt by Hangzhou Intermediate Peoples Court.
According to a court document Zhejiang Transportation Investment Group, the parent group of Zosco, applied with the court to liquidate the company due to debt issues.
So far, 14 major creditors of the company have declared around RMB10.9bn ($1.6bn) of debts in total, while the companys total assets are worth just RMB5.1bn ($752m). The court will arrange the first creditors meeting soon.
Zosco recently put four capsize bulkers up for s…
Read the full article at: http://splash247.com/zosco-declared-bankrupt/