China's bankrupt Qingdao Yangfan Shipbuilding is set to be revived as the prospect of foreign newbuilding orders improves, but its estranged former shareholders are now fighting for control of the yard in a politically tinged battle.
Majority shareholder Yangfan Group, part of Zhang Zhixiang's private Beijing Jianlong steel-making group, has creditors on its side after most of them voted in favour of a restructuring offer that could soon put Yangfan Group in sole control.
