Shanghai Bestway bank accounts frozen by court

Chinese shipbuilding and ship design group Shanghai Bestway Marine Engineering Design has announced that several bank accounts of the company has been frozen by courts.

The frozen accounts are due to several debt disputes and labor contract disputes with different companies, and the company said the issue could have a negative impact on its operations.

Financially troubled Shanghai Bestway is currently in a debt restructuring process. The company entered into an agreement with new investors Xiamen Longhai Investment and Shanghai Dingguo Corporate Development for a restructuring of the company in June.

Since the company entered a restructuring process, subsidiary yard Dajin Heavy Industry has secured three shipbuilding orders.

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