Shanghai: CSC Phoenix announced today that eight of its vessels which were on auction under a request of its creditor ICBC, have been sold to its parent CSC Group for RMB90m. The auctions for the eight vessels fell through twice earlier as the reserved price wasn’t reached.
CSC Phoenix said the sale of vessels will cause an RMB80m decrease in subsidiary Changjiang Transport Technology’s annual profit.
In the meantime, CSC Phoenix announced that RMB195m of the company assets which was frozen by Wuhan Intermediate People’s Court under the request of another creditor Bank of Communications, has been unfrozen by the court according to the Chinese bankruptcy law. CSC Phoenix said the move will ease the company’s operating pressure. [17/01/14]