Greater China

CSC Phoenix assets unfrozen

Shanghai: CSC Phoenix, the financially troubled subsidiary of Sinotrans & CSC under restructure, announced that Wuhan Maritime Court has unfrozen some of the company’s assets including 21 vessels, 100% equity of CSC Phoenix (Hong Kong) and 28% equity in Chongqing Xingang Changlong Logistics. The assets were frozen earlier under the request of two creditors China Minsheng Bank and China Everbright Bank.

The court also ordered CSC Phoenix to transfer two vessels “Chang Ling Hai” and “Chang Heng Hai” to China Minsheng Bank to offset RMB115.8m debt. The court had failed to sell the two vessels to bidders through auction. [27/03/14]

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