CSC Phoenix restructuring plan approved

Shanghai: Following the failure to pass its initial restructure plan, CSC Phoenix announced today that the second round of voting was completed on February 21 and the plan has been passed by the majority of creditors.

Out of 135 creditors, 125 have agreed to the plan representing 66.85% of the total debt of the company, surpassing the minimum requirement.

CSC Phoenix said the plan is still waiting for approval from Wuhan Intermediate People’s Court, and the company will apply to resume stock trading once the plan is approved by the court. [24/02/14]

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