Shanghai: Financially-troubled CSC Phoenix has gone deeper in its debt whirlpool. The company announced today that another two creditor banks, China Minsheng Bank and China Agricultural Bank have filed lawsuits against the company at Wuhan Maritime Court.
China Minsheng Bank has requested the company to repay six loans of RMB420m in total while China Agricultural Bank has asked for loan repayments of RMB100m from the company.
Last week, two small creditors have requested the court to liquidate CSC Phoenix in order for them to receive overdue payments. The company will become the first bankrupted state-owned shipping company if the court approves the request. [19/07/13]
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