Financially troubled Chinese domestic container shipping major Antong Holdings has announced that Fujian Zhaohang Logistics Management has submit an application with administrators to join the restructuring of the company.
According to company registration information, Fujian Zhaohang has just been jointly established by China Merchants Port Holdings (CMPH) and AVIC Trust earlier this month.
In March, AVIC Trust, a major creditor of Antong, applied with the court to restructure the company and in July, AVIC Trust and CMPH both signed with Antong showing their intention to join the restructuring.
Antong said the administrators will start negotiations with the potential new investors regarding the details of the 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 the second largest domestic container operator behind Zhonggu Logistics.