Sainty Marine has announced that one of its creditors, a Nantong branch of Bank of China, has applied with Nanjing Intermediate People’s Bank to liquidate the shipyard.

The application also caught the attention of Shenzhen Stock Exchange, which has requested Sainty Marine to provide an update on the shipyard’s ongoing rescue plan before January 7.

However, Sainty Marine said it has yet to received the court ruling regarding the liquidation.

Sainty Marine currently has overdue loans of RMB534m ($82.3m) in total, and 13 bank accounts of the company have been frozen due to debt issues.