Low-key investor Shanghai Platinum Asset Management has won control of bankrupt chemical tanker owner Dongguan Fenghai Shipping, according to press reports.
The CNY 1.3bn ($187m) acquisition has seen the distressed asset fund manager beat out three better-known contenders, including an investment fund affiliated with giant China Cosco Shipping.
TradeWinds broke the news in May 2018 that financial creditors had lost patience with the struggling company.
