The Higher Economic Court decided on May 13 to reverse the Nikolayev Regional Economic Court’s decision of November 1, 2013, that declared the Okean shipyard (Nikolayev) bankrupt and launched liquidation proceedings. The UNIAN news agency reported this, citing the press service of the Nikolayev regional administration.

The case has reached the asset administration stage.

In addition, the economic court is considering complaints against arbitration manager Mykola Khailo, who is the liquidator of the Okean shipyard.

As reported, the Nikolayev Regional Economic Court declared the Okean shipyard bankrupt on November 1, 2013, and opened liquidation proceedings. The case involves 74 creditors of the shipyard. In the period of 2012-2013, the shipyard’s partners repeatedly appealed to the regional economic court to declare the shipyard bankrupt.

Founded in 1951, the Okean shipyard specializes in construction and repair of container vessels, tankers, towboats, and barges with up to 350,000 deadweight tons.

The shipyard is located on the left bank of River Yuzhny Bug in the southern part of Nikolayev, with open access to the Black Sea. Since beginning operation, the shipyard has built more than 400 technically sophisticated vessels with a total deadweight of more than 4 million tons.