Singapore-listed JES International Holdings has agreed to sell its insolvent Chinese shipyard business for just $500,000.
The company, which has not operated its Jiangsu Eastern Heavy Industries (JEHI) plant since last August, has been appealing a Chinese court's rejection of its proposed restructuring plan, but the case has dragged on.
The buyer is Hong Kong Victo International, a specialist in restructuring owned by businessman Zeng Zhen.
The
