Sainty Marine has announced that the creditors of bankrupt Mingde Heavy Industry have passed a plan to liquidate the yard’s assets.

Sainty Marine, as the largest creditor of Mingde, disapproved the plan on September 25, however, the plan was passed due to a 52.84% approval rate from all the creditors.

The company was thrown out of the restructuring of Mingde due to its own financial difficulties in July.

Sainty Marine said it is currently reviewing the plan and may file a lawsuit against it.

In the past two months, the president of Mingde Heavy Industry, and both general manager and cfo of Sainty Marine, have been arrested by authorities for illegal activities.