Chinese domestic container shipping operator Antong Holdings has successfully completed a financial restructuring with its new owner.
The company entered into court-led restructuring in March and its administrators signed with Fujian Zhaohang Logistics Management, a joint venture between China Merchants Port Holdings (CMPH) and AVIC Trust, to conduct a restructuring in October.
Last month, Antong Holdings received restructuring funds of RMB4.527bn ($688m) from investors.
The company will now be led by Zheng Shaoping, vice general manager of China Merchants Port Holdings, after the Guo brothers stepped down.
Antong Holdings currently operates a fleet of 68 ships, of which 46 are self-owned.