Bank sells entire steel and fish oil production lines worth hundreds of billions

Joint Stock Commercial Bank for Investment and Development of Vietnam - Quang Ngai Branch ( BIDV Quang Ngai) has just announced the selection of an organization to appraise the assets and debts of Viet Quang Company Limited, a business specializing in manufacturing steel products such as: B40 mesh, steel wire, steel nails, galvanized wire, etc.

The debt of Viet Quang Company Limited was formed in 2010, with a total outstanding debt as of July 31, 2024 of VND 185,227 billion. Of which, the principal debt is more than VND 127,869 billion, and the interest debt is VND 56,964 billion.

Assets securing the debt include: Production machinery and equipment; 2,500 kVA transformer station; machinery and equipment belonging to the investment project of the galvanized steel and welding material factory; assets attached to land at 3 plots of land in Tinh Phong Industrial Park, Son Tinh district, Quang Ngai province.

In addition, there are land use rights at group 45, Hoa Minh ward, Lien Chieu district, Da Nang city; land use rights at Hoa Phong commune, Hoa Vang district, Da Nang city; land use rights at lot BS1-13, TS extended residential area, Hoa Cuong Nam ward, Hai Chau district, Da Nang city; houses and land at group 9, Thuan Phuoc ward, Hai Chau district, Da Nang city; land use rights and houses at VSIP Quang Ngai Urban - Service Area;

In addition, the collateral also includes all inventories and all debt claims of the enterprise. The above collateral assets were mortgaged sporadically during the period from 2010 to 2018.

Another enterprise with a debt of hundreds of billions is also being notified by the bank to find an organization to auction assets. According to the announcement of VietinBank - Branch 1 in Ho Chi Minh City, the bank is choosing an organization to auction assets including the factory and assets attached to land plot No. 31, map sheet No. 51 at An Hoa ward, Sa Dec city, Dong Thap province.

The appraised value of the asset is VND 99,778 billion. The starting auction price is equal to the appraised value of the asset.

The second asset is the machinery and equipment system, the production line of hydrolyzed protein and fish oil. This asset is valued at up to 177,612 billion VND, the starting selling price is equal to the asset valuation value.

However, VietinBank did not provide information about the name of the business mortgaging the above assets.

Source: https://vietnamnet.vn/ngan-hang-rao-ban-day-chuyen-san-xuat-thep-dau-ca-tri-gia-hang-tram-ty-2312855.html