Chinese firm Dongfang Shipbuilding has been delisted from the London Stock Exchange after it crumpled under debts of around $250m, Seatrade Asia online reports.
Singapore's Supreme Court has ruled in favour of Dongfang's creditor's, allowing Credit Suisse and a group of Chinese banks to seize seven of its tankers, according to a Reuters report.
Credit Suisse took control of four Dongfang tankers in Singapore since late May after the shipbuilder failed to pay around $42m in debts. Three tankers were also impounded by a consortium of Chinese banks, including Agricultural Bank of China and Bank of China, due to outstanding debts of some $204.1m.
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