Progress is being made with the restructuring of China Rongsheng Heavy Industries, with aim to complete the exercise by June 2015.

The shipbuilder announced that, "After friendly negotiations with relevant financial institutions, the relevant parties have reached an intent to continuously support the development of Jiangsu Rongsheng Heavy Industries, a subsidiary of the company".

Rongsheng said in a stock market announcement that on 26  September 2014, after negotiations and confirmation from the relevant parties, Jiangsu Rongsheng Heavy Industries has appointed an independent asset appraisal company as the independent and professional valuer of the

Potential Restructuring responsible for the valuation of relevant assets of Jiangsu Rongsheng Heavy Industries, which shall form the basis for the Potential Restructuring.

"With the assistance of the local government, the company and the relevant financial institutions will use great effort to cooperate, conduct exchanges and communications with local and overseas parties, and proactively explore various possibilities in relation to the potential restructuring," Rongsheng said.

The company added that the restructuring is meant to "improve the overall financial position of the Group, enhance its operating performance and protect the interests of the shareholders of the company".

Rongsheng said that it expects to complete the process by the end of June in 2015. The company also highlighted that has asked a government authority to help out with the negotiations with independent third parties on the investment and restructuring of Jiangsu Rongsheng Heavy Industries, and the negotiations on the relevant proposals are being conducted with various parties.