Seafood exporter in debt saved

Debt leading seafood processing and exporting company Bianfishco Saturday announced it sold Saigon-Hanoi Bank (HSB) 50 percent shares and would be comprehensively restructured after the company was granted the new enterprises register license a day ago.

Debt leading seafood processing and exporting company Bianfishco Saturday announced it sold Saigon-Hanoi Bank (HSB) 50 percent shares and would be comprehensively restructured after the company was granted the new enterprises register license a day ago.

The company, SHB and Debt and Asset Trading Corporation held a press conference on Satrurday to make public upon the company restructuring.

Tran Van Tri who is the husband of company's former general director is now its new leader and legal representative.

SHB currently is company’s the largest shareholder with 50 percent shares.

Bank’s general director Nguyen Van Le pledged in the press conference that the bank would pay 30 percent of principal to farmers-creditors in September and would pay off all debt in the end of this year.

The banker also said that the bank would immediately deploy company restructuring project, under that the bank and Debt and Asset Trading Corporation would join the company management and executive.

The project will focus production and trade, financial management and input and output cost, he added.

The bank will also release funds to the company for production maintain and will negotiate with Vietnam Development Bank and Bank for Investment and Development of Vietnam on turning debt into capital contributions and hold shareholder meeting to increase its capital from VND500 billion to VND 1,200 billion, aiming at raising the financial capacity of the company.

Bianfishco was one of the largest seafood processing and exporting companies in Vietnam. It felt in debt in 2011 when it could make payment to farmers who sold it shrimps and fish for processing and export.

Its then general director Nguyen Thi Dieu Hien went to the US for cancer treatment last year amid famers-creditors demonstrated in front of her villa asking for payment, making humor about her escape from the big debt.

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