Creditors apply to freeze CSC Phoenix assets

2013-04-24

CSC Phoenix, the financially troubled subsidiary of CSC Sinotrans, announced that it has received 17 civil ruling papers from Wuhan Maritime Court to hold on to RMB1.14bn worth of its assets under the requests from several creditors including China Merchant Bank, Shanghai Pudong Development Bank and China Exim Bank.

CSC Phoenix said the company was unable to pay off the loans and relevant interests to the banks as it had been suffering from severe losses. Currently the company has been negotiating with the banks and trying to properly resolve the matter.

Last week CSC Phoenix announced revised annual losses of RMB1.88bn for the year of 2012 and its listed shares also face a trading limit as it has been suffering from losses for two consecutive years.

Source from : Sino Ship News

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