Chinese dry bulk operator CSC Phoenix has announced that Tianjin Intermediate People’s Court has accepted its controlling shareholder Tianjin Shunhang Shipping’s application for liquidation.
Tianjin Shunhang Shipping filed for bankruptcy earlier this month due to its inability to solve its debt issues.
The court will appoint an administrator to oversee the bankruptcy process of the company soon.
CSC Phoenix said the liquidation of Tianjin Shunhang Shipping will not affect the company’s operation temporarily but may result in an ownership change of the company.
Currently Tianjin Shunhang’s shareholding in CSC Phoenix has been frozen by courts.