Debts account for over 50% of Vinapco’s charter capital

Vietnam Air Petrol Company (Vinapco) on June 7 announced the difficult situation as two partners still owe jet fuel cost of total 210 billion dong while the firm’s charter capital is only 400 billion dong, the VnExpress reported.
General Director of Vinapco, Tran Huu Phuc gave details that among the 210 billion dong debts, Indochina Airlines has not paid over 27 billion dong, and remaining debt is responsibility of Jetstar Pacific.

“Vietnam Airlines, representing for state capital in Vinapco, sent reports to Ministry of Finance and the government to ask solutions to deal with the above jet fuel debts”, Phuc added.

Jetstar Pacific committed to pay debts including principals and interests before this July 31, but Vinapco still requested a guarantee paper to avoid another case like Indochina Airlines. “Debts account for over 50% of our charter capital so we are in difficult situation at this time. While jet fuel is a sensitive commodity, we have to use Vietnam Airlines’ prestige to borrow loans for import”, Phuc stressed.

Private air firm, Indochina Airlines of the composer Ha Dung stopped flight in two years and left a big debt of more than 70 billion dong for his partners, in which they owed Vinapco 27 billion dong.

Phuc said, on last December 16, Vinacpco sued Indochina Airlines to the HCM City Economic Court. In four summonses, Indochina Airlines did not send any representative according to the court order. – Veitbiz24

Tags: Vinapco

Posted by VBN on Jun 10 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry