DATC to buy $94m Vinalines debt

Saturday, Jan 24, 2015 12:16

DATC is discussing to buy Vinalines' $94 million debt. – Photo Fica
HA NOI (Biz Hub)  — The Debt and Asset Trading Corporation (DATC) is negotiating with some banks to buy nearly VND2 trillion (US$94 million) of debt owned by the Viet Nam National Shipping Lines (Vinalines).

The banks include Natixix, a French corporate and investment bank, Malaysia's May Bank, Viet A Bank, as well as the Ocean Bank, and Bangkok Bank, the Thoi bao Tai Chinh Viet Nam (Viet Nam Financial Times) reported.

DATC effectively accomplished the Government's task of debt restructuring for Vinalines, the Shipbuilding Industry Corporation (SBIC) and the Northern Food Corporation in 2014.

Vinalines had proposed to the Government last year that it will allow the DATC to buy the group's debt from banks and credit institutions.

In October last year, DATC signed a contract to buy the debt of Vinalines at the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank), with the debt value pegged at VND394 billion ($18.5 million). The corporation also finished negotiating a price for Vinalines' debt with HSBC Vietnam at VND63 billion ($2.96 million).

At its review conference, DATC said it will continue researching and innovating ways to approach and exploit debt purchases from debt owners, including commercial banks, as well as the Viet Nam Asset Management Company (VAMC) this year.

The corporation will also boost the progress of restructuring and owning the conversion of enterprises, which are part of the restructuring plan approved in 2014. — VNS

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