Shanghai: The financially troubled subsidiary of Sinotrans & CSC Group, CSC Phoenix which is currently in the process of restructuring, announced today that it has received a civil ruling from Wuhan High People’s Court regarding a debt dispute it has with China Everbright Bank.
The court has ordered CSC Phoenix to repay RMB290m debt plus RMB3.32m interest to the bank within 10 days.
CSC Phoenix has been trying to avoid bankruptcy via restructuring, however its first restructuring plan has failed to pass at the creditor’s meeting. [10/01/14]
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