China International Marine Containers (CIMC) has announced that its subsidiary CIMC Enric and the receiver of Sinopacific Offshore & Engineering have entered into a new restructuring investment agreement.
Under the agreement, CIMC Enric, as the restructuring investor, proposed to purchase the entire equity interest in Sinopacific Offshore for RMB799.8m ($117.58m).
CIMC Enric made an initial attempt to take over Sinopacific Offshore in August 2015 and later terminated the deal in June 2016. The company gave the reason that certain conditions of the deal were not fulfilled and it also considered the seller to have breached certain material terms in the agreement.
CIMC Enric believes that the LNG marine storage and transport industry and marine oil and gas module industry will remain bullish in the long-term, and the LEG and LPG carrier business operated by Sinopacific Offshore has good prospects, which will complement CIMC Enric’s existing businesses.
The acquisition and restructuring plan will be subject to the approval of Sinopacific’s creditors by August 31.