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SBIC & Vinalines moving ahead with restructuring

Released at: 15:34, 09/07/2015

SBIC & Vinalines moving ahead with restructuring

Two companies at the center of restructuring efforts by the Ministry of Transport.

by Minh Tuyet

The restructuring process of the Shipbuilding Industry Corporation (SBIC) and Vinalines was announced in a report on the first half of the year released recently by the Ministry of Transport (MoT).

SBIC, formally known as Vinashin, has basically completed the financial restructuring of its international bonds and debts. The report said it had finished restructuring debts to international credit organizations in the first stage and was waiting for approval from government to continue.

The report also showed that the restructuring plans of 40 subsidiaries of Vinashin had been approved, while the plans of 104 other companies were waiting for approval.

Regarding Vinalines, five subsidiaries were disbanded, two were declared bankrupt, eleven were equitized, and one is to be merged.

MoT said that the restructuring process would be accelerated for nine others corporations under the approved plan. The five corporations receiving the most focus were SBIC, Vinalines, Vietnam Railways, Vietnam Expressway Corporation and Corporation for Investment, and Cuu Long Development and Project Management of Transportation Infrastructure.

In the first half of the year seven enterprises completed initial public offerings (IPOs) and had organized the first general meeting as joint stock companies, including Vietnam Airlines.

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