Shenzhen-listed Sainty Marine said on 7 August that seven bank accounts of the company and its subsidiaries were still frozen by applications of its creditors.
The creditors comprise the Bank of Suzhou, the Jiangsu Zhangjiagang Rural Commercial Bank, and Wuxi Hualian Technology, a stock filing of the company said. Earlier, the company had got seven other bank accounts of its subsidiary Sainty Shipbuilding (Yangzhou) unfrozen.
A total of CNY626,606 (USD100,900) was deposited in the unfrozen accounts, and CNY23.8 million was deposited in the frozen accounts.
On 29 June, Jiangsu Zhangjiagang Rural Commercial Bank filed a lawsuit against the company over an overdue CNY63 million bill of exchange. In May, Sainty Marine defaulted on the bill of exchange drawn for the now bankrupt Nantong Mingde Heavy Industry (NMHI). The bill of exchange, which was drawn on 3 November 2014, had been put up as security by NMHI to raise CNY50 million from the bank.
On 12 June, Sainty Marine was sued by Bank of Suzhou over a CNY40 million loan dispute. The bank demanded the immediate payment of the CNY40 million in principal and CNY482,200 in interests. Sainty Marine borrowed the principal in November 2014, with a term of a year. In May, the bank claimed the loan due ahead of schedule as Sainty Marine had defaulted on a series of debts owed to third parties.