Financially troubled Chinese containership operator Antong Holdings has secured restructuring funds of RMB4.527bn ($688m) from investors.
Fujian Zhaohang Logistics Management, the new controller of the company, replenished RMB1.35bn into Antong and the remaining RMB3.17bn was invested by a further 12 financial investors.
Antong entered into court-led restructuring in March. Last month, the company’s administrators signed with Fujian Zhaohang Logistics Management, a joint venture between China Merchants Port Holdings (CMPH) and AVIC Trust, to conduct a restructuring.
Antong Holdings, founded by the Guo brothers, currently operates a fleet of 116 ships with a total capacity of around 160,000 teu making it China’s second largest domestic container operator behind Zhonggu Logistics.