DEALS
Zhong Lun Acted as Reorganization Administrator for Six STX Companies
Zhong Lun Acted as Reorganization Administrator for Six STX Companies
On June 6, 2014, Dalian Municipal Intermediate People’s Court accepted the petition for bankruptcy reorganization of STX (Dalian) Shipbuilding Co., Ltd., STX (Dalian) Heavy Industries Co., Ltd., STX (Dalian) Marine Engineering Co., Ltd., STX (Dalian) Engine Co., Ltd., STX (Dalian) Heavy Equipment Co., Ltd., and STX (Dalian) Metal Co., Ltd. On June 9, Zhong Lun was selected and designated by the Dalian Municipal Intermediate People’s Court as the reorganization administrator for these six STX companies after beating eight other PRC law firms bidding for the position. Zhong Lun has started on June 18 the process of taking over the assets and business of these six STX companies.
The six STX companies are PRC subsidiaries of Korean STX Corporation, the fourth largest shipbuilding company in the world. This reorganization involves assets and debts evaluated as high as tens of billions of Renminbi yuan, which makes it the largest reorganization case in terms of asset value accepted by the Chinese courts in recent years. It is expected to have a profound impact in the legal industry. Zhong Lun has appointed partner Zhang Decai to take charge in providing administrator service for the case and formed a strong professional team of over 20 lawyers led by equity partner Xu Shengfeng, equity partner Zhang Jijun, senior counsel Zhou Yan, and non-equity partner Wang Bing.
