Greater China

CSC Phoenix subsidiary on the brink

Shanghai: CSC Phoenix has announced that its subsidiary Changjiang Transport Technology has received a court enforcement notice from Hubei Higher People’s Court at the request of creditor China Everbright Bank. The court orders the company to repay RMB290m in overdue loans plus interest to the bank within 7 days.

CSC Phoenix said the subsidiary is in serious financial crisis and has been unable to repay the loan, and that court enforcement might lead to the closing down of the subsidiary. [14/03/14]

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