Greater ChinaShipyards

New investors to take over Shanghai Bestway

Financially troubled shipbuilding and ship design group Shanghai Bestway Marine Engineering Design has entered into an agreement with investors Xiamen Longhai Investment and Shanghai Dingguo Corporate Development for a restructuring of the company.

Under the agreement, the two new investors will invest up to RMB700m ($99m) to restructure Shanghai Bestway and become the controlling shareholders of the company upon completion of the restructuring.

The restructuring plan is still subject to court approval.

Shanghai Bestway entered into a court-led restructuring in February this year due to debt issues. Earlier this month, the company’s subsidiary yard Dajin Heavy Industry secured a newbuild order from Shanghai Jiupu Marine Technology for the construction of a jackup rig.

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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