Bankruptcy won't force Minsk Aircraft Carrier World, the first military theme park in China, to go out of business, a senior manager of the company, said.
Wang Pu, vice-manager of Minsk Industrial Ltd Company, told China Daily that the Shenzhen-based park -- whose parent company filed for bankruptcy in October -- has performed well and will continue to do business given its abundant capital and double-digit profit growth rate.
According to Wang, the company's financial crisis was caused by crippling debt left by its parent company, D'Long International Strategic Investment Co Ltd.
Last month, Shenzhen Intermediate People's Court accepted China Construction Bank's request to allow the theme park company to file for insolvency, a report in Nanfang Daily said.
Before the filing, the Guangzhou Admiralty Court had sealed the firm's assets, including its carrier and ticket revenues.
"For us, it is just about changing bosses and restructuring of our assets," said Wang. "The seal won't affect the park and its staff as long as healthy operations of the park are the common wishes of Minsk's debtors and creditors."
Trusteeship of the company by China Huarong Asset Management Corporation will better preserve and maximize its assets and value.
Opened to public in 2000,the theme park, which consists of an aircraft carrier from the former Soviet Union and a military port, has earned ticket revenues of 500 million yuan (US$60 million) in the past four years.
It charges 110-yuan (US$13) per ticket and averages 2,000 daily visitors.
In the golden week of National Day holiday alone, the park received over 110,000 visitors and its peak day visitors reached 28,000.
The company has planned projects including Russian Folks Festival held in the Spring Festival two months later and buying more submarines and cruise ship in three to five years, Wang was quoted by Nanfang Daily as saying.
(China Daily December 7, 2004)
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