Hanoi: The government is now seemingly eager to put the nation’s top shipbuilder’s past financial misdemanours behind it and move on. Vietnam Shipbuilding Industry Group (Vinashin) nearly collapsed in 2010 and defaulted on some of its $4.4bn debts. Many top executives were charged and jailed as a result.
Now, 50 months after the shipbuilding group defaulted on a $600m loan, the Ministry of Finance has decided to guarantee a bond issue under a restructuring plan, according to the Wall Street Journal. The $620m zero coupon bonds have a 12-year tenor. Vinashin has sent out a restructuring proposal to creditors. [06/02/13]