Financially troubled Shanghai Bestway Marine Engineering Design has announced that new investors Longhai Investment and Shanghai Dingguo have agreed to replenish a further RMB26.2m ($3.77m) into the company to accelerate its restructuring process.
Shanghai Bestway entered a debt restructuring in February and signed an agreement with the two investors in June where the new investors will invest up to RMB700m ($99m) to take over the company.
The company’s restructuring plan is still waiting approval from the court.
Since the company entered into its restructuring process, subsidiary yard Dajin Heavy Industry has secured three shipbuilding orders.
