India's ABG Shipyard Enters Liquidation

Indian shipbuilder ABG Shipyard announced on 6 May that it had entered liquidation following several years of mounting financial problems. The company, one of India's biggest private-sector naval shipbuilders, said the liquidation process was initiated in late April under India's bankruptcy law, the Insolvency and Bankruptcy Code 2016. The...

Indian shipbuilder ABG Shipyard announced on 6 May that it had entered liquidation following several years of mounting financial problems.

The company, one of India's biggest private-sector naval shipbuilders, said the liquidation process was initiated in late April under India's bankruptcy law, the Insolvency and Bankruptcy Code 2016.

The liquidation comes two years after the Reserve Bank of India ordered the initiation of bankruptcy resolution proceedings against ABG Shipyard, which is based Mumbai. ABG Shipyard reportedly has total debts of about INR170 billion (USD2.45 billion).

ABG Shipyard discontinued all shipbuilding work - including naval projects - in July 2017. At the time, the company said it was in "deep financial crisis and its operations are closed".

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Source: www.janes.com