Guangdong Zhenrong Energy (GZE), a partly state-owned commodities trader, plans to subscribe to new shares that would see it take a controlling stake in the troubled company.
The Hong Kong-listed owner and trader has recently been fighting a war on two fronts to fend off bankruptcy.
It has been stuck in a financial quagmire ever since Grand China Logistics (GCL) failed to cough up the second installment on its $282m purchase of the Titan’s Quanzhou Shipyard.
GCL recently
