CSC Phoenix receives more court verdicts

Shanghai: CSC Phoenix, the loss making subsidiary of Sinotrans & CSC, announced that it has received another two civil rulings from Wuhan Maritime Court.

Wuhan Maritime Court has ordered CSC Phoenix to repay loans of RMB150m to China Minsheng Bank and RMB100m to China Agricultural Bank respectively.

Meanwhile, CSC Phoenix has received an auction notice from the court for eight of its vessels to be auctioned on October 29th under the request of ICBC.

CSC Phoenix expects it will suffer a net loss of RMB490m-RMB530m in the first three quarters this year. [14/10/13]

Related Posts