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New court order for debt-ridden Phoenix Shipping

13 November 2013
Phoenix Shipping, the listed arm of China Sinotrans Yangtze National Shipping, the largest barge operator on the Yangtze, received another court order from Wuhan Maritime Court on 6 November, demanding it pay two of its debtors a total of nearly Rmb700m within 10 days of the date of the order.

In a statement issued to Shenzhen Stock Exchange on 10 November, it confirmed that the court had granted its two creditors – Wuhan branches of Shanghai Development Bank and China Merchant Bank – priority claim on three vessels each but company insiders were quoted as saying privately that operations could continue as normal, so long as the company’s assets were not seized for auction.

According to its 2012 annual report, the company had debts of Rmb5.82bn with its assets valued at Rmb5.25bn. Its first quarter 2013 accounts showed that losses increased by 24 per cent to Rmb190m.

The company’s parent company is one of China’s four major shipping lines, employing more than 70,000 people. It is now up to the government to decide whether it will allow a major state-owned company to go bust.

     
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