Vinashinlines initiates bankruptcy process

Tuesday, Mar 25, 2014 14:46

HA NOI (Biz Hub) — Vinashin Ocean Shipping Company (Vinashinlines) has requested for bankruptcy procedures to be initiated at the Ha Noi People's Court.

This is seen as the first legal step for the company to take towards halting its operations.

Earlier, Vinashinlines informed the concerned agencies about its bankruptcy and confirmed that its operations would continue normally during the period when the court considers and guides it on completing the legal procedures.

Vinashinlines is one of two subsidiaries of Viet Nam National Shipping Lines (Vinalines) to go bankrupt, said Minister of Transport Dinh La Thang at a recent conference in Ha Noi. The second one is the Viet Nam Oil and Gas Transportation Company.

The declaration of bankruptcy by the two companies is part of the Vinalines equitisation plan scheduled for this year. — VNS

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