China's largest yard affected by arrest

Heavily indebted Rongsheng has canceled a warrant issue, which would have provided a much needed cash lifeline of USD 416 million. The only investor has apparently been arrested, according to Reuters.

Photo: Hempel

China's biggest national yard, Rongsheng, which has been struggling for a long time with a billion dollar deficit and is currently undergoing a re-structuring, has been forced to cancel the sale of shares which could have provided a much needed cash lifeline for the company, according to Reuters.

The issue would have guaranteed capital of USD 416 million, but since the yard has been unable to get in contact with the only investor, the sale has been forcibly postponed.

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