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Bianfishco debt settlement talk comes to deadlock
The talk between the debt-beleaguered Binh An Fishery Joint Stock Co (Bianfishco- Code : BAF) and its creditors on Saturday fell in another deadlock due to the leakage of new information.
The talk, chaired by the Can Tho City Department of Planning and Investment, aimed at making the Saigon-Hanoi Commercial Joint Stock Bank (SHB) become the biggest shareholders of Bianfishco, and let Tran Van Tri become the general director of the company.
However, the meeting between the three parties, Bianfishco,SHB and Vietnam Development Bank (VDB), ended without realizing any of its initial targets with a new development.
Some 25 million remaining Bianfishco shares owned by the former CEO, Dieu Hien, had been mortgaged to a branch of the Bank for Investment and Development of Vietnam (BIDV) for loans before being brought to the Can Tho branch of VDB as mortgage for another loan.
The shares had finally been sold to Ho May Co.
While these stocks have been mortgaged to BIDV, BIDV was not invited to join the meeting.
In early April, the BIDV branch sent a document to the city planning-investment department to ask for legal support in changing the certificate of business registration related to the change or transfer of 25 million shares of Dieu Hien.
BIDV said in the document that the company must get the approval from the bank before selling the shares to any others. The firm then got informed by the department.
However, Bianfishco, SHB and VDB last month signed a memorandum of cooperation for financial support.
Accordingly, all two parties committed to assist the firm in disbursement for the repayment of debts owing to local farmers and businesses in an effort to stabilize production and ensure the rights of workers, farmers and other shareholders.
SHB also committed to issuing letters of guarantee for payment so that Bianfishco can make principal and interest payments for all the credit contracts it signed with VDB branch in Can Tho in the past.
VDB is also committed to hand over the 25 million shares mortgaged by Dieu Hien to SHB so that the latter will replace Dieu Hien to become the major shareholder of the firm with 50 percent stake.
VDC also pledged to let the firm renew its business registration so that Tran Van Tri will be the new CEO.
In July, SHB asked Can Tho City government to purchase debts and deal with financial issues and the restructuring progress of Bianfishco. In documents sent to the committee, SHB said it wanted to organize the entire restructuring of Bianfishco, including financial arrangements, according to the Vietnam News Agency.
Bianfishco was established in 2007 and operated strongly until the middle of last year until banks refused to extend its financing arrangements
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