Vietnam Bank for Agriculture and Rural Development (Agribank) Long Bien branch recently announced the auction of the debt of Urban Infrastructure Investment and Business Company Limited, located at Lang Ha Street, Ba Dinh District, Hanoi.
Accordingly, the debt with book value as of April 11 was nearly VND 1,413 billion and USD 10.04 million (equivalent to VND 240 billion).
Of which, the principal debt is more than 527 billion VND and more than 5.8 million USD; the interest debt is nearly 886 billion VND and nearly 4.3 million USD.
The debt is secured by two mortgages. The first mortgage is all assets attached to land that have been and are being formed in the future, including: factories, buildings, construction works and all other works that are built, purchased, upgraded and/or permanently attached or located in the present or future.
The entire mortgaged assets mentioned above are attached to two leased land plots, with areas of 63,676m2 and 418,686m2 respectively in Hai Duong province. This land plot is being used by the company to build a wind turbine manufacturing facility.
The remaining collateral is the entire synchronous machinery and equipment chain and assets securing the Vietnam Turbine Factory - Phase 1 in normal operation and all other real estate purchased, upgraded and/or permanently attached or located at present or in the future. All of the above assets are also installed in Hai Duong province.
The mortgaged assets of Urban Business Infrastructure Investment Company are the entire synchronous machinery and equipment chain and the assets securing the Vietnam Turbine Factory - Phase 1.
Agribank offers a starting price for this debt of nearly 1,650 billion VND, equivalent to the value of the debt. The above price does not include taxes, fees, and other costs. The winning bidder shall be responsible for all taxes, fees, and other costs related to the transfer of rights and ownership of the debt in accordance with the law.
The auction will be held at 2:00 p.m. on June 12 at the headquarters of Cong Minh Joint Stock Auction Company (address: No. 7/8B, Alley 8, Quang Trung Street, La Khe Ward, Ha Dong District, Hanoi City). Buyers must deposit 100 billion VND in advance to participate in the auction on June 12.
Previously, in May, the Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) also announced the selection of an organization to appraise the debt worth more than VND110 billion of the Urban Infrastructure Investment and Business Company Limited. Of which, the principal debt is more than VND42.7 billion, along with interest and penalty interest of more than VND45.8 billion.
The collateral for the debt is the property attached to the land and all machinery and equipment of the Vietnam Wind Turbine Factory project - phase 1 in Kim Xuyen commune, Kim Thanh district, Hai Duong province of Urban Infrastructure Investment and Business Company Limited.
According to research, Urban Business Infrastructure Investment Company Limited was established on February 13, 2004 with Mr. Pham Van Minh as the legal representative.
In addition to this company, Mr. Minh is also the legal representative of a series of other enterprises in the field of wind power and renewable energy.
Urban Business Infrastructure Investment Company operates mainly in the field of real estate business, land use rights owned, used or leased .
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