Greater China

CSC Phoenix lays off employees

Wuhan: After a recent shareholders’ meeting, the financially struggling CSC Phoenix said the company will keep cutting down employee numbers due to the sluggish market situation and strong pressure from the banks.

“The banks have said clearly that they will not authorize any new loans for the company, and they have started to ask for more collaterals,” Li Jiahua, secretary of the board said after the shareholders’ meeting. "Currently the layoff in personnel still continues, and we can not forsee the end of this situation. However, the company won't be delisted next year”, according to Li. [17/08/12]


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