Greater ChinaShipyards

Shanghai Bestway restructuring approved by court

Shanghai Bestway Marine Engineering Design has announced that its restructuring plan has been approved by a local court.

In June, Shanghai Bestway entered into an agreement with investors Xiamen Longhai Investment and Shanghai Dingguo Corporate Development for a restructuring. Under the restructuring scheme, the two investors will take over Shanghai Bestway for a total price of $1.2bn ($177m), most of which will used for debt repayment.

Shanghai Bestway currently has total liabilities of around RMB1bn ($146m).

The new owners have promised that Shanghai Bestway will achieve a total net profit of RMB600m ($87.8m) for next three fiscal years.

Since the company entered into its restructuring process in February, subsidiary yard Dajin Heavy Industry has secured three shipbuilding orders.

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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