Greater ChinaShipyards

Shanghai Bestway seeks new investors for debt restructuring

Financially troubled ship design and shipbuilding company Shanghai Bestway Marine & Energy Technology has issued a notice seeking new investors to restructure the heavy debt of the company.

Shanghai Bestway entered into court-led debt restructuring process in February due to its inability to repay debt and the company was ordered to submit a restructuring plan within six months.

The company is looking to find new investors to optimise the company’s financial structure and bring the company back to normal operations. The potential investors are requested to submit applications before a deadline of April 30.

VesselsValue data shows that Shanghai Bestway’s Dajin Heavy Industry currently has an orderbook of two 8,000 dwt bulkers ordered by Russian owner Aston and one liftboat ordered by Singapore’s Martens Marine.

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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