Greater ChinaShipyards

Investors sink more cash into Shanghai Bestway

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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