Chinese dry bulk shipping operator CSC Phoenix has announced a plan to sell its entire 28% stake in Chongqing Xingang Changlong Logistics.
The company has appointed a financial agency to evaluate the sale and list them for sale on an equity exchange.
CSC Phoenix said the sale will help the company to improve cash flow.
Tianjin Shunhang Shipping, the controlling shareholder of CSC Phoenix, filed for bankruptcy this month, and is currently in a liquidation process. The first creditor’s meeting is scheduled at June 25 by a court in Tianjin.