Vinashin plans business review after missing debt payment

Feb. 18 (Bloomberg)—Vietnam Shipbuilding Industry Group, the state-run company known as Vinashin, plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a dollar-denominated bank loan.

“The business review will help us to work out a proper plan for our future,” Vinashin Chairman Nguyen Ngoc Su said in an interview at his office in Hanoi. “It’ll take us about three to four months to complete and then show to the government and our lenders.”

Vinashin got a $ 600 million loan in 2007 from banks led by Credit Suisse Group AG that paid interest of 1.5 percentage point more than the London interbank offered rate, according to data compiled by Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company missed a Dec. 20 deadline to make a $60 million principal payment and asked lenders for a one-year extension, Su said.

Read more …