CSC Phoenix warns investors

Shanghai: CSC Pheonix, the loss-making subsidiary of Sinotrans & CSC Group, has today released a risk notice to investors.

In the notice, CSC Phoenix said the company will suspend trading of its stock from December 27th and if the court doesn’t either approve the company’s restructure plan or declare the company bankrupt before the date it releases the 2013 annual report, the company will delist from the Shenzhen Stock Exchange.

Wuhan Intermediate People’s Court ordered CSC Phoenix to restructure in November under the request of two creditors of the company.

The parent company Sinotrans & CSC Group is also under a new round of restructuring with the group announcing recently that a restructure is in progress, although no details have been provided yet. [26/12/13]

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