The debt of hundreds of billions of Vietnam Biofuel Development Corporation is secured by a series of real estates, inventories and rights arising from contracts with major partners.
Vietnam Joint Stock Commercial Bank for Industry and Trade - Ba Dinh Branch (VietinBank Ba Dinh) announced the selection of an organization to auction the debt of Vietnam Biofuel Development Joint Stock Company under the loan contract signed on January 19, 2023.
The total outstanding debt of Vietnam Biofuel Development Joint Stock Company as of October 14, 2024 is more than 148 billion VND. Of which, the principal debt is nearly 132.8 billion VND, overdue interest debt is more than 11.1 billion VND, overdue penalty interest debt is 4.1 billion VND.
VietinBank expects the starting auction price to be VND 148,027 billion, equivalent to the entire principal, interest and penalty interest of the loan at the time of the debt sale proposal until October 14, 2024.
In case the first auction with the above starting price is unsuccessful, the bank will reduce the starting price to continue auctioning the debt, each reduction shall not exceed 10% of the starting price of the previous unsuccessful auction.
The assets securing the debt of Vietnam Biofuel Development Corporation include a series of real estate, inventories, arising property rights,...
In which, asset 1 is the land use right and assets attached to the land at No. 42, Street 5, Van Phuc 1 residential area, Quarter 5, Hiep Binh Phuoc Ward, Thu Duc City, Ho Chi Minh City. Land area 165.5m2; construction area 64.3m2; construction floor area 386.1m2.
The property owners are Mr. Doan Minh K. and Ms. Le Thi O.
Asset 2 includes circulating inventories owned by Vietnam Biofuel Development JSC corresponding to the credit ratio at VietinBank compared to other credit institutions (the credit ratio is determined based on the outstanding debt ratio according to CIC information), in which at least all inventories of Vietnam Biofuel Development JSC are stored at the warehouse of Da Tan Industrial Cluster, Dai Tan Commune, Dai Loc District, Quang Nam Province.
Asset 3 includes property rights arising from economic contracts with the company's partners such as: Vietnam National Petroleum Group; Vietnam Oil Corporation; Hien Nhung Production and Trading Company Limited; Global Green Fuel JSC; VBS Investment and Trading JSC; Hoan Chau Agricultural Products and Medicinal Materials JSC; AFT Hanoi LLC; CHN Construction JSC; Le Thien Kim Service LLC; Bac Ha Industrial Gas JSC; Central Industrial Gas Trading JSC; Hoa Khanh Trading & Service LLC; B&L Transport Trading LLC; Anh Duy Transport LLC.
Asset 4 includes property rights arising from the resort real estate sale and purchase contract signed on April 6, 2021 between Mr. Doan Minh K. and Delta - Valley Binh Thuan Company Limited (a company in which Novaland contributed capital to implement the Ocean Valley Tourist Area project).
The fifth collateral for the loan is a personal guarantee commitment from all shareholders of Vietnam Biofuel Development JSC and Mr. Tran Hoai Duong (Chairman of the Board of Directors of the company) to guarantee payment for all debt obligations of Vietnam Biofuel Development JSC at VietinBank.
Vietnam Biofuel Development Joint Stock Company was established in 2015. This enterprise is the investor of the Quang Nam Ethanol production project (Dai Loc district, Quang Nam province), which is the largest bioethanol factory in Vietnam with a designed capacity of 100,000 tons (equivalent to 120 million liters of products) per year. Of which, 99% fuel ethanol is the main product of the factory.
Source: https://vietnamnet.vn/sap-ban-dau-gia-khoan-no-tram-ty-cua-dai-gia-nhien-lieu-bi-hoc-2334083.html
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