Shanghai: The financially troubled line CSC Phoenix announced plans to cut down the number of employees and adjust its management team.
The company is to let go of 1,848 employees and carry out an internal retirement policy.
Higher up, two board members and three deputy general managers have been dismissed as the line fights for survival.
CSC Phoenix has submitted a restructuring plan this week and is waiting for its approval. [26/02/14]
CSC Phoenix restructuring plan approved