Rongcheng Shenfei Shipbuilding, a major shipyard in Shandong, has completed a restructuring and resumed full operations, while it has also been renamed to Rongcheng Zhonghai Machinery Manufacturing Company.
The shipyard filed for bankruptcy with a court in Rongcheng and started a restructuring in June 2014. During the restructuring period, the shipyard didn’t suspend all operations, and delivered three vessels.
With the help of the local government, the shipyard has brought in a new investor Heilongjiang Xinmao Group.
Currently the shipyard has on hand orders of 15 vessels with a total value of RMB1.6bn ($247m).
