Chinese shipbuilder Zhoushan Wuzhou has been declared bankrupt.

Zhoushan intermediate people's court accepted a petition filed by its parent Zhejiang Shipping Group, the China Daily said.

The report said the yard is the first state-owned plant to go bankrupt since 2005.

It has debts of CNY 911m ($140m) and assets of CNY 534m, according to the Caixin news agency.

Part of the money owed represents wage arrears, tax bills and supply invoices.

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