FLC Group wants to extend payment of more than 1,000 billion VND in bonds until 2025

According to a recent dispatch sent to the Hanoi Stock Exchange, FLC Group said that from December 22, 2023 to December 28, 2023, FLC must pay the principal of FLC H2123003 bonds with a value of VND 996.86 billion and VND 113.51 billion in interest. However, by December 28, 2023 - the maturity date, FLC has not been able to pay the debt for the bonds.

FLC's bond lot was issued on December 28, 2021, with a term of 2 years. The volume includes 115,000 bonds with a face value of VND 10 million, with a total mobilization of VND 1,150 billion. The enterprise bought back VND 153 billion before maturity. Therefore, the total debt is VND 1,100 billion.

FLC is still negotiating to extend the payment period of more than 1,000 billion VND in bonds.

FLC said it is in the process of negotiating an extension. In case it is approved by the Bondholders' Conference, the Company is expected to pay the debt before December 28, 2025.

However, previously on December 22, 2023, FLC Group announced the results of consulting bondholders on 4 extension options, but none of them were approved by bondholders.

Specifically, in option 1, FLC continues to implement the FLC Hai Ninh 2 project, using revenue from exploitation and business to repay the bond debt. The bond term is extended by 2 years. The interest rate is 13%/year (previously the highest was 11.5%) and all late payment penalties are exempted for the principal and interest that have reached maturity.

Option 2, FLC seeks investors to transfer the FLC Hai Ninh 2 project, using all the money transferred to the blocked account, prioritizing disbursement to pay bonds. Conditions such as term, interest rate, etc. change similarly to option 1.

Option 3, when the real estate of the FLC Hai Ninh 2 project is eligible to sign a sales contract, FLC will use it to offset the bond payment obligation, giving priority to discount for bondholders compared to regular customers. The bond terms are similar to the above options.

Option 4, in case the above options are not approved by bondholders, FLC will propose another option within 90 days from the date of collecting written opinions.

Source link: https://thanhnien.vn/tap-doan-flc-muon-gia-han-thanh-toan-hon-1000-ti-dong-trai-phieu-den-nam-2025-185240115144141906.htm