On December 17, The reorganization of Antong Holdings was successful, which marked the end of the reorganization of Antong Holdings and its two subsidiaries after 12 months.
In 2018, A liquidity crisis occurred in Antong Holdings. On August 29, 2019, CMPort, Antong Company and AVIC Trust signed a strategic cooperation agreement and set up a single trust fund.
Antong Holdings has received 4.527 billion yuan in restructuring investment and has paid off about 4.362 billion yuan in debts.
During the reorganization, Antong Holdings provided AXA Shipping with 460 million yuan of cash and 346,997,394 shares to pay off the debt of AXA Shipping by means of debt repayment, capital investment and financial assistance, and provided 830 million yuan of cash and 292,201,769 shares to pay off the debt of Antong Logistics.
For China Merchants Group, cooperation with Antong Holdings can open the north-south shipping channel, expand the port comprehensive service ecosystem; For AVIC Trust, the entry of ports can be said to be a "strong partnership"; For Antong Holdings, the "platform" of the two central enterprises not only brings a new turning point for its business operation, but also becomes an important guarantee for its credibility in the market.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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