China Ocean Industry settles dispute with debt for equity deal –

Financially troubled shipbuilding group China Ocean Industry has announced that it has received of enforcement ruling from a court in Zhoushan, forcing the company to transfer its 20% equity interest in Zhejiang Ocean Leasing Company to Zhoushan Ocean Leasing New Energy in a debt dispute.

In February, Zhoushan Ocean Leasing New Energy applied with the court to enforce a mediation award in the amount of RMB132.3m ($18.7m) against a subsidiary of China Ocean Industry.

Upon completion of the transfer, China Ocean Industry will cease to hold any equity interest in Zhejiang Ocean.

China Ocean Industry went into a debt restructuring in September last year.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *