According to SinoShip News and other local media outlets the Nantong Intermediate People's Court approved the application late last week.
Regulatory filings indicate that Chinese compatriot Sainty Marine intends to seize control of the shipyard in a deal that will likely see debt exchanged for equity.
In a statement sent to local news providers Mingde president Ji Fenghua said its “a pity” that his company was forced to file for bankruptcy.
He
