Nanjing Tanker pledges 16 vessels to repay debt

Shanghai: The delisted subsidiary of Sinotrans & CSC, Nanjing Tanker, announced that it is going to pledge a total of 16 vessels in order to repay debts.

Nanjing Tanker will pledge 6 vessels with total value of RMB800m to some of the creditors to offset some debts and it will put another 10 vessels as collateral to China Construction Bank in order to apply for a one-year loan of RMB950m for debt repayment.

Nanjing Tanker is currently in the final stage of delisting, it will be officially delisted from the stock exchange on June 4, and it can apply for returning to the public markets at 2016 the earliest. [22/05/14]

 

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