Antong administrator signs restructuring deal with China Merchants and AVIC Trust

The administrators of Chinese domestic container shipping major Antong Holdings has officially signed with Fujian Zhaohang Logistics Management to conduct a restructuring.

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Fujian Zhaohang Logistics Management was jointly established by China Merchants Port Holdings (CMPH) and AVIC Trust last month before submitting an application to join the restructuring of Antong.

Antong entered into court-led restructuring in March at the request of AVIC Trust, a major creditor of the company.

Fujian Zhaohang is looking to inject new capital into Antong, with the aim to resume and improve operations of the company.

Antong Holdings, founded by the Guo brothers, currently operates a fleet of 116 ships with a total capacity of around 160,000 teu making it China’s second largest domestic container operator behind Zhonggu Logistics.