Rongsheng gets financial support

Shanghai: Private Chinese shipbuilder, Rongsheng Heavy Industries said that relevant parties have reached an agreement support the development of Jiangsu Rongsheng Heavy Industries.

Jiangsu Rongsheng has appointed an independent asset appraisal company for the valuation of relevant assets of the company and a potential restructuring. With the assistance of the local government, the company and financial institutions will cooperate with local and overseas parties to promote the restructuring.

“The potential restructuring is to improve the overall financial position of the group and enhance its operating performance,” Rongsheng said.

The company has asked authorities to assist in the restructuring of Jiangsu Rongsheng, and expects the potential restructuring to be completed by the end of June 2015. The yard has repeatedly been linked to a takeover in some shape or form by CSSC, the state-run shipbuilding conglomerate.  [30/09/14]

 

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