CSC Phoenix receives two more court verdicts

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

The court has asked the company to repay overdue loans of RMB106m and RMB637m plus interest to China Merchants Bank and Shanghai Pudong Development Bank respectively.

Currently three vessels of CSC Phoenix have been auctioned by court order, two vessels are currently under auction and nine more vessels are waiting for auction. [08/11/13]

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