CSC Phoenix announced today that it has received another civil ruling from Wuhan Maritime Court for vessels to be seized. The court has approved China Minsheng Bank’s request for asset preservation of 12 CSC Phoenix vessels.
CSC Phoenix has nine loans of RMB420m in total from Minsheng Bank, and it is now unable to repay the loans.
One week earlier, Wuhan Maritime Court has ordered to auction three of the company's vessels under a request from Shanghai Pudong Development Bank.
According to Li Jiahua, board secretary of CSC Phoenix, the three vessels will still be in operation till the new buyers take them over. Li admits that there are at least 35 vessels at risk of being auctioned.