CAAV mulls restructuring for Indochina

The Civil Aviation Administration of Vietnam (CAAV) on January 11 sent document to the Ministry of Transportation proposing to restructure the private carrier Indochina Airlines (ICA) to continue operation.

The document was built basing on the recommendations of ICA’s founding shareholders aiming to revive this aviation firm after stopping flying for over one year.

Additionally, ICA also petitioned to the prime minister to restructure its capital to continue operations.

CAAV also clarified the conditions to restructure that ICA must offer its business plan and fiscal plan, especially payment plan for debt. If not meeting these conditions, ICA’s licence will be revoked and this private carrier will have to face bankruptcy.

ICA’s general director, musician Ha Dung, said that he found new investors who are absolutely Vietnamese to pour capital into this Vietnamese carrier. The ICA’s total investment capital as of being formed so far has reached 725 billion dong.
If being approved for restructuring, ICA will resume its operations by the end of this year with chartered capital of 500 billion dong, meeting conditions for international flights.

ICA was licensed for the establishment in May 2008, started flying from November 2008 and stopped flights after one year of operations due to difficulties on financial issue. – Nguoi lao dong

Tags: , , ,

Posted by VBN on Jan 13 2011. Filed under Aviation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

You must be logged in to post a comment Login

Stay informed everyday

Subscribe to free RSS and email updates from Vietnam Business News

Subscribe via Email Subscribe in a Reader Follow us on Twitter Connect on Facebook

RSS Singapore Business News

  • PLife Reit’s Q3 revenue hits S$22m
  • Roxy-Pacific’s net profit jumps 50%
  • Works to start soon on Tuas MRT station
  • Punggol condo site attracts 5 bids
  • SGX suspends membership of MF Global S’pore
  • SIA reports 49% fall in Q2 net profit

RSS India Business News

  • Retailers predict sales slowdown in coming quarters
  • Bulk drug exports excluded from bar coding
  • Diesel, LPG prices set to rise again
  • Higher sales in chronic segments boost revenue
  • New drug pricing policy to pinch top three firms
  • Sensex up over 180 points; Sterlite, Hindalco, Axis Bank gain

RSS Malaysia Business News

  • Malaysian Marine rises on RM1.4b job
  • Yeo Hiap Seng climbs on Q3 profit jump
  • CSC Steel suffers Q3 pre-tax loss of RM1.98m
  • Nestle posts higher Q3 pre-tax profit
  • OSK maintains ‘neutral’ call on steel stocks
  • Malaysia’s exports rise 16.6pc, beats forecast

Sponsored

  • Looking for an overseas forex broker?
  • Trading Point now offering Forex Malaysia and FX Japan with Forex, CFD's and Futures.