Shanghai: CSC Phoenix announced today that it has received a civil ruling from Hubei Intermediate People’s court.
The Bank of Communications has applied to freeze RMB32m bank savings and relevant assets of CSC Phoenix as it has failed to repay a loan of RMB200m. Hubei Intermediate People’s court has approved the request.
Currently the total liability of CSC Phoenix has amounted to more than RMB6bn and its parent company Sinotrans & CSC has informed CSC Phoenix that it is unable to save the company. [04/09/13]
