Bharati Shipyard has trimmed its loss in the third quarter but its financial woes continue.
The Indian shipbuilder reported a net deficit of INR 682.9m ($10.2m) to 31 December, against INR 9.1bn a year earlier.
Its expenses were reduced from INR 492.1m to INR 376.3m as the company made cost-cutting efforts.
Bharati is currently facing 18 winding-up petitions from various creditors, it said.
With its liabilities exceeding assets, the shipyard is in the process of filing a long-term restructuring plan.
Its main focus will be to bring back its debt to a sustainable level.
Edelweiss Asset Reconstruction took over 75% of Bharati’s debt from banks in 2014 and there have been reports that the company could be declared insolvent to protect it from creditors.
Bharati said in its quarterly report it will continue with a suit against banks that make payments under invoked bank guarantees.
