Shanghai: Financially troubled CSC Phoenix is to apply for RMB621m in loans through ship mortgages to ease its current predicament.
The company said it will mortgage six river ships and three ocean-going ships to apply for RMB621m in fixed assets loans or working capital loans from six domestic banks.
CSC Phoenix estimated earlier that the net loss of 2012 might be around RMB800m-900m. [13/03/13]
