Lam Son Sai Gon Auction Company - Hanoi Branch announces the auction of the debt of Viet Nhat Steel Corporation at the Joint Stock Commercial Bank for Investment and Development of Vietnam - Hai Phong Branch (BIDV Hai Phong) on December 29.
Accordingly, as of May 23, 2022, the total outstanding debt of Viet Nhat Steel at BIDV is 447 billion VND, of which the principal outstanding debt is 197 billion VND and the interest outstanding debt is 253 billion VND.
In this auction, BIDV offered a starting price of over VND85,147 billion, including all outstanding principal, interest, and fees incurred up to the time of the debt purchase transaction. The deposit was VND8.5 billion.
The assets securing the debt are 2 real estates in Hai Phong, including land use rights and construction works on land at plot number 187 at address number 159 Bach Dang and all assets attached to land at the Rolling Mill Km 9 National Highway 5 in Quan Toan, Hong Bang, Hai Phong.
These assets include offices, HPS Steel Rolling Mill factory, weighing house, sales booth, factory equipment foundation system, 35KV power line and transformer station, material yard, product yard No. 1, and garage.
In addition, the collateral for this loan also includes many cars such as Toyota Camry GLI, Mercedes E240, Toyota Hiace and a series of specialized equipment for the project.
This is the 26th time BIDV has put Viet Nhat Steel's debt up for sale. The starting price this time has decreased by more than VND 355 billion compared to the starting price of more than VND 440 billion in the first auction at the end of April 2022.
The debt is sold in its original condition regarding outstanding debt, secured assets, debt records, dispute status, debt quality, etc. and all other issues and factors related to the debt at the time of auction.
Viet Nhat Steel Company was established in 1998. Its main business lines are iron ore mining, iron and steel production, and other mining and ore support services.
The company owns a steel rolling mill with a rolling capacity of 240,000 tons/year and a smelting capacity of 120,000 tons/year on an area of 5.6 hectares at Km9, Quan Toan, Hong Bang, Hai Phong with a total investment of 30 million USD .
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