Shanghai: CSC Phoenix announced that two vessels, Chang Hang Jing Hai and Chang Hang Mao Hai, will be auctioned on 10 September at Wuhan Maritime Court due to the company has been unable to repay the loans to China Import & Export Bank.
“The auction is expected to have a greater asset impairment loss to the company.” CSC Phoenix said.
Recently Wuhan Maritime Court ruled to auction three of the company's vessels under a request from Shanghai Pudong Development Bank and just five days ago China Minsheng Bank received court approval to seize twelve CSC Phoenix vessels. [07/08/13]
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