TNR Holdings and other 'giants' continuously extend bond debt

While some businesses extended their bond terms, TNR Holdings Vietnam also successfully extended 6 batches of bonds due to mature this November.

TNR Holdings Vietnam is a member company of TNG Holdings Vietnam, now renamed ROX Group - Photo: ROX

Ms. Nguyen Thi Nguyet Huong's company extended the bond maturity date.

Specifically, TNR Holdings Vietnam Real Estate Investment and Development Joint Stock Company continuously announced resolutions of bondholders for 6 bond lots approaching maturity in November.

After successful negotiations with bondholders, TNR's bond lots were extended for a maximum of 2 years, with maturity dates in November 2026.

According to the resolution, the bond interest rate applied for the entire bond term extension period from November 13, 2024 to November 13, 2026 is 10%/year.

Reporting on the situation of principal and interest payments on bonds in the first 6 months of this year, TNR Holdings Vietnam spent 500 billion VND to regularly pay interest for 95 bond lots issued in the period 2019 - 2020.

Regarding business performance, in the first half of this year, TNR Holdings Vietnam reported a profit of just over VND5.6 billion, a sharp decrease compared to nearly VND85 billion in the same period last year.

By the end of June 2024, TNR Holdings Vietnam recorded VND 2,592 billion in equity. Meanwhile, liabilities were more than VND 28,000 billion, or 11 times more than equity.

Of this company's total liabilities, outstanding bonds account for more than VND9,000 billion.

TNR Holdings is known as a member company of ROX Group Joint Stock Company (ROX Group) chaired by Ms. Nguyen Thi Nguyet Huong.

ROX Group, formerly TNG Holdings Vietnam, a multi-industry corporation, was renamed in early 2024.

	LNST
2021	40.7
2022	464
2023	86.4
6 months 2024	5.6

Other real estate and energy businesses also postponed maturity dates.

Another enterprise, Hoang Truong Tourism Real Estate Investment Company Limited, recently announced a resolution on changing the bond term.

Accordingly, the maturity date of the HT2020 bond lot was postponed by Hoang Truong Company for 2 more years, from December 21, 2024 to December 21, 2026.

In a report sent to HNX, Hoang Truong said it had fully paid VND84 billion to pay bond interest. This enterprise only had one bond lot worth VND1,400 billion.

Regarding business situation, Hoang Truong Tourism Real Estate Investment Company Limited said that in the first half of this year, after-tax profit reached 119 billion VND, while in the same period last year, it lost nearly 140 billion VND.

Unexpectedly positive developments, because throughout the period from 2021 to 2023, Hoang Truong continuously suffered losses. Business has returned to profit, the equity of this real estate company increased from 94 billion VND in June last year to 216 billion VND in the same period this year.

	LNST
2021	-298
2022	-267
2023	-236
6 months 2024	119

At the same time at the end of October, BB Power Holdings Joint Stock Company also announced an adjustment to the bond payment schedule.

Accordingly, bondholders have approved the company to extend the second bond buyback period as soon as possible but no later than November 25.

In July this year, BB Power Holdings also had to adjust the maturity date of the bond lot from December 25, 2023 to March 25, 2025. The buyback periods were also agreed to take place in 3 phases. The second phase was on October 25.

According to data from HNX, BB Power Holdings is circulating the only bond lot coded BBP.H.20.23.00, issued on December 24, 2020, worth VND 400 billion.

It is known that BB Power Holdings is a member of BB Group, chaired by Mr. Vu Quang Bao. This company is the investor of a series of renewable energy projects in the Central region.

Another energy company, Hoang Son Energy Investment Joint Stock Company, recently announced unusual information about extending the time to buy back bond principal...

Many energy companies are slow to pay bonds.

According to Visrating data, in addition to real estate, energy is also a group with a high rate of bond debt repayment extension. A total of VND19,000 billion of bonds issued by 16 organizations have been late in paying principal and interest on bonds in the past two years.

Most of the bonds with delayed principal and interest payments are related to transitional renewable energy projects that are not yet commercially operational or are selling electricity at prices much lower than the project's original estimates.

Some bonds issued by organizations that are late in paying principal and interest have had their principal repayments extended by 2 years by bondholders, with the expectation that the project's business situation and cash flow will improve in the near future.

Source: https://tuoitre.vn/tnr-holdings-va-cac-dai-gia-lien-tiep-gian-no-trai-phieu-20241101185003248.htm