Asia/Pacific News
CSC Phoenix Sued over Bunker Debts
Troubled Chinese carrier CSC Phoenix is the target of a lawsuit filed by China Changjiang Bunker Co., a joint venture between CSC Phoenix parent company Sinopec and Sinotrans & CSC, Chinese shipping news site SinoShip News reports.
The suit, filed at Wuhan Maritime Court, calls for CSC Phoenix to repay bunkering fees and overdue penalties totaling RMB87.97 million ($14.38 million) and also seeks RMB52.11 million ($8.52 million) from the company's subsidiary, CSC Phoenix (Shanghai).
The court has approved the requests and ordered the freezing of RMB90 million ($14.71 million) in CSC Phoenix's bank accounts or other assets.
Li Jiahua, board secretary of CSC Phoenix said that, despite the court action, China Changjiang Bunker Co. will continue to provide it will fuel to keep the company operating normally.
Other CSC Phoenix creditors have already sought to liquidate the company, which had trading of its shares suspended last month, to seek repayments.
