Nantong People's Court has announced it will hold the second online auction for bankrupt Nantong Mingde Heavy Industry (Mingde) via Taobao on Jan. 20.

The starting price is RMB1.268bn ($195m), down 21% from the RMB1.586bn ($244m) starting price for the first auction which was held on Dec. 13 but failed to attract any bidding.

Sainty Marine, the largest creditor of Mingde, applied to restructure Mingde in December 2014, however, it was thrown out from the restructuring due to its own financial difficulties. Nantong Court declared the bankruptcy of Mingde at the end of July.