Some creditors agree to reschedule debts for Vinashin

A source from Thanh Nien newspaper said that Vietnam Shipbuilding Industry Corp (Vinashin) is negotiating with some groups from Russia, Japan, and Korea to sell its stake into Cai Lan hot rolled steel mill in the northern province of Quang Ninh.

Nguyen Ngoc Su, Vinashin member board’s chairman, said some creditors agreed to reschedule debts for Vinashin.

According to the government’s official report by the end of 2010, Vinashin’s debts were 86 trillion dong while its equity was only 9 trillion dong.

However, part of this debt was transferred to Vietnam National Shipping Lines (Vinalines) and Vietnam National Oil and Gas Group (PetroVietnam-PVN) because Vinashin has transferred some subsidiaries to these two groups.

On March 25, Ha Long Shipbuilding Co (a member of Vinashin) handed over a 4,900 car carrier named HL02 worth over $50 million for the ship owner, Ray Shiping (Israel). The group is striving to gain the localization of about 50% by 2015, mainly in building the shell of ship. – Vietbiz24

Tags: Vinashin debt

Posted by VBN on Mar 28 2011. Filed under Banking-Finance, Shipbuilding. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry