Shanghai: China Changjiang National Shipping Corporation (CSC), the largest inland river shipping company in China, has announced its reform measures in a recent board meeting.
Yao Jinghan, who replaced Zhu Ning as the general manager of CSC in August, said the largest difficulty the company faces is a lack of capital reserves. He suggested the company should solve the problem through accelerating the disposal of assets, applying for more loans from banks, and collecting debts from relevant companies. Yao also requested to make a contingency plan with the parent company Sinotrans & CSC, to get necessary financial support.
Currently two CSC companies, CSC Phoenix and Nanjing Tanker, are struggling from financial difficulties. Earlier Sinotrans & CSC announced that it was unable to offer financial help to the companies. [29/08/13]
