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Debt-beleaguered BAF resumes operation
Debt-stricken Binh An Seafood Co, or Bianfishco, yesterday officially restarted operations at its catfish processing and exporting plant in Can Tho-based Tra Noc Industrial Park.
“1,200 workers have resumed working, and processed 100 tons of raw material in the first day,” said Tran Van Tri, who was authorized to run the company.
“Once the full 2,000-person workforce resumes work in the next few days, daily capacity will increase to 150 tons, and we also aim at operating at al capacity of 450 tons a day with 4,000 working laborers,” he added.
Bianfishco also contacted its partners in the EU, the US, and other old markets to look for demand.
“Some creditors of Bianfishco have opened new credit packages to support the company in purchasing fish and resuming operation after the intervention of the Debt and Asset Trading Corporation (DATC),” Tri told the media at the operation restarting ceremony.
“These banks also asked Bianfishco to prioritize selling foreign currencies it earned from exporting catfish to them.”
Tri added that Tran Kim Minh, CEO of the Transport Engineering Construction and Business Investment Stock Company 584 (584 Group), has decided to pump in VND500 billion as liquid capital to help Bianfishco stabilize its production.
“The investment was made on the basis of the catfish brand of Bianfishco, and its exporting contract worth $100 million in 2012 to the US,” Tri quoted Minh as saying.
Debt clearance
Bianfishco said it has completely settled the debt with An Binh Bank.
The company still owes VND200 billion to farmers on fish purchase, and the DATC, which has sent documents to buy and clear debts of Bianfishco, will soon handle the case.
The beleaguered seafood company has managed to reduce its bank debts to VND900 billion from VND1.54 trillion ($73.9 million).
Vo Thanh Khon, head of the planning department, said Bianfishco reaped VND1.33 trillion in revenues last year, incurring a VND444 billion loss.
The company is investing in eight projects, but will demand that authorities withdraw investment licenses from two of them due to their failure to proceed with work.
Bianfishco has mortgaged 54 land use rights in Soc Trang, An Giang, and Can Tho, worth a total of VND171 billion, to the Can Tho branch of An Binh Bank.
It also paid as collateral two land use rights and a seafood processing plant in Can Tho Industrial Park worth VND68 billion to the Can Tho branch of ACB, besides many other types of collateral worth hundreds of billions of dong.
Bianfishco is indebted VND3.3 billion to 705 workers on social insurance, and VND58 million in tax clearance.
Regarding the unsettled debts to individuals and businesses, Tri said Bianfishco will follow all rulings from the People’s Court of O Mon District in Can Tho.
“The company is calling on authorities to delay payment in land leasing fees and social insurance,” Tri said.
vietnamnet
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