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.