Rongsheng restructuring deal delayed

Rongsheng restructuring deal delayed

Hong Kong: Huarong Energy, formerly Rongsheng Heavy Industries, has announced that a formal sale and purchase agreement for the shipbuilding assets of Jiangsu Rongsheng Heavy Industries between the company and a potential buyer, thought to be Yangzijiang Shipbuilding, has not been concluded before the expiry of an MOU signed by the two parties.

Huarong Energy signed the MOU with the potential buyer in April for the sale of its shipbuilding assets as part of its restructuring process. The expiration date of the MOU is June 30.

Huarong Energy said the company and the potential buyer are continuing the process of negotiations for the deal and it is now assisting the potential buyer to establish a professional core management team to enable the yard to enter into full production and obtain new orders immediately after completion of the potential deal.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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