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.