‘Debt swap is the most beneficial option for Vinashin’

'Debt swap is the most beneficial option for Vinashin' 1
'Debt swap is the most beneficial option for Vinashin' 1

The official information was announced by Vinashin at a press conference on the evening of October 10, right after a phone call with the New York Securities Depository Center to issue bonds in the form of global depository certificates with government guarantees,

Vinashin’s debt of 600 million USD was extended for another 12 years.

According to information announced at the press conference by Chairman of Vinashin’s Board of Members – Nguyen Ngoc Su, Vinashin’s obligations under the old loan contract (total value of 626 million USD) will be exchanged for bonds issued by DATC.

Sharing their feelings after rescheduling a key debt in the `huge debt mountain` worth 70,000 billion VND (about 4 billion USD), leaders of Vinashin and the Ministry of Finance said they both felt very `relieved`.

Regarding the financial arrangement plan to repay debt when the bonds mature, Mr. Su said that he will use resources from handling more than 200 units in the group and when doing business, Vinashin will deduct some revenues into the fund.

However, he affirmed that the plan to exchange debt into bonds issued by DATC is `the most beneficial for Vinashin` because according to the `borrow with pay` regulations, since 2010 the group should have paid 60 million.

`Vinashin had to pay the initial price of reduced reputation, but with the restructuring of this debt, the group will get it back,` Mr. Su said.

Mr. Pham Thanh Quang – General Director of DATC commented that Vinashin is still an important corporation for the country and the Government.

DATC is the unit that issues bonds. After 12 years, the company is obliged to repay the debt.

Phuong Linh

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