Vinashin Misses Payment, Plans Review

Friday, February 18, 2011

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan.
Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

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