Continuous losses, Sunbay Park Ninh Thuan project owner requests bond debt extension

Sunbay Ninh Thuan has not had a profitable year since 2021. Every year, the company loses several billion VND in the period 2021-2023 and suddenly loses more than 14 billion VND in the first 6 months of 2024.

Sunbay Ninh Thuan has not had a profitable year since 2021. Every year, the company loses several billion VND in the period 2021-2023 and suddenly loses more than 14 billion VND in the first 6 months of 2024.

Sunbay Ninh Thuan Joint Stock Company has just announced the Resolution of the Bondholders' Conference approving the extension of the bond term with code SBPCB2124002.

Accordingly, bondholders have approved the extension of the bond term from 36 months to 37 months, equivalent to 1,127 days from the date of issuance. The new maturity date of the bond will be January 23, 2025.

The above bond lot was issued by Sunbay Ninh Thuan from December 2021. With an initial term of 36 months, the above bond lot will mature on December 23, 2024, which is only 1 week from now. After extending the term, Sunbay Ninh Thuan will have 1 more month to arrange payment sources.

The above bond lot has a total value of 799.9 billion VND. After partially buying back, the outstanding value of the bond lot is 654.9 billion VND. This is also the bond lot with the largest mobilized value of Sunbay Ninh Thuan and has only 1 bond owner.

In addition, Sunbay Ninh Thuan still has 3 other bond lots in circulation. Notably, all 3 bond lots were issued on the same day (May 17, 2022) with a total value of 900 billion VND with different maturities.

The total issuance value of 4 bonds of Sunbay Ninh Thuan is 1,699.9 billion VND and the total outstanding is 1,554.9 billion VND. Except for the above bond lot and 1 bond lot of 200 billion due in 2025, the other bonds of Sunbay Ninh Thuan still have a lot of time when they mature in 2027 - 2028.

Outstanding bonds of Sunbay Ninh Thuan.

Sunbay Ninh Thuan's report shows that from 2021 to present, the company has still paid bond interest in full and on time. However, looking at the company's business report, this enterprise has always been in a state of loss from 2021 to present.

Sunbay Ninh Thuan has not had a profitable year since 2021. Although the losses are not too large, each year, the company loses several billion VND in the period 2021-2023. By the first 6 months of 2024, the loss increased dramatically, recording a loss of more than 14.3 billion VND.

Liabilities/Equity also increased continuously. This ratio was at 4.46 times at the end of the second quarter of 2024, on equity of 746 billion VND, equivalent to Sunbay Ninh Thuan having liabilities of over 3,300 billion VND. Half of which is debt from bond issuances.

Sunbay Ninh Thuan Joint Stock Company is the investor of the Sunbay Park Hotel & Resort project in Ninh Thuan. The project was approved on July 17, 2019 with an area of over 3.6 hectares; total investment capital of VND 4,779 billion; scale of 3 towers.

Sunbay Park Hotel & Resort project is invested by Sunbay Ninh Thuan Joint Stock Company.

As reported by the Investment Electronic Newspaper - Baodautu.vn , this real estate project has been repeatedly reminded by Ninh Thuan, requiring urgent completion of the project. The SunBay Park Hotel & Resort project has been adjusted in investment policy by the Ninh Thuan Provincial People's Committee in Decision No. 87 on February 7, 2024. Accordingly, the project's completion time and putting into operation of towers B and C is adjusted to April 2024; completion and putting into operation of tower A in October 2024.

In November 2024, the Chairman of the Ninh Thuan Provincial People's Committee requested the investor of the SunBay Park Hotel & Resort Project to find solutions to access capital sources and urgently complete towers B and C. The project's slow progress has affected the economic, social, security and order situation, causing waste of land and investment resources.

Source: https://baodautu.vn/thua-lo-trien-mien-chu-du-an-sunbay-park-ninh-thuan-xin-gia-han-no-trai-phieu-d232749.html