Financially troubled CSC Phoenix announced yesterday that it received a civil ruling from Wuhan Maritime Court that two of its vessels Chang Hang Jing Hai and Chang Hang Mao Hai will be auctioned according to a request from one of its creditor banks, China Exim Bank.
China Exim Bank made the request to Wuhan Maritime Court to detain the vessels as CSC Phoenix was unable to repay the loan.
So far CSC Phoenix has been sued by five creditor banks asking it to repay loan of RMB2bn in total. The total liability of the company has reached RMB6bn.