SUMEC Group, a machinery manufacturer based in Jiangsu, has confirmed that it would join the restructuring of Yangzhou Dayang Shipbuilding, the bankrupt yard of Sinopacific Shipbuilding.
Splash first reported in January that SUMEC Group was looking to take over Dayang via a new joint venture company.
According to the restructuring plan, SUMEC and two of its affiliate companies will jointly provide RMB1.88bn ($282m) to take over full equity interest in Dayang Shipbuilding, and promote the transformation of the shipyard.
The restructuring plan is still waiting on approval by the court.
Dayang Shipbuilding went into liquidation process in July 2017 due to a debt crisis with the parent group of Sinopacific Shipbuilding, Evergreen Holding, also in deep financial trouble.
Another subsidiary yard of Evergreen Holdings, Zhejiang Shipbuilding, went bankrupt while Evergreen Holding sold its offshore yard Sinopacific Offshore to CIMC Enric last year.