The filing in Texas federal court last week reveals the Dalian-based company needs to restructure $48m of secured debt.
Two ships were arrested in Singapore and China over unpaid loans in September and December.
It reportedly has one vessel left trading
Winland Ocean traded on the US over-the-counter (OTC) equities market until it withdrew in early 2012.
The company, led by Sharry Xue and Li Honglin, controlled a fleet of 12 bulkers, general cargoships and small boxships at that time.
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