Monday , May 27 2024

FLC fails to extend repayment of $41M bonds

Embattled property developer FLC offered investors three options for rolling over nearly VND1 trillion ($41 million) worth of bonds, but they rejected all of them.

The bonds issued in December 2021 and will mature on Thursday.

All three options involved extending redemption by 24 months at a fixed interest rate of 13% a year, but with some differences in the payment schedules.

The company is building a resort, FLC Hai Ninh 2, in Quang Binh Province in central Vietnam.

Its first option was completing it and using all the revenues from it for redemption of the bonds. It is expected to open its doors to guests by the second quarter of 2025.

The second was selling the project to a new developer and third was paying the bondholders in the form of units at the resort.

FLC said it would find another solution within 90 days since they rejected all the proposals.

Since chairman Trinh Van Quyet and other executives were arrested for stock market manipulation, the company has prematurely redeemed bonds worth VND980 billion.

The company had said in March it had redeemed three-fourths of the bonds issued since 2020 and was among the firms with the lowest bond debts.

The developer of resorts and golf courses has been going through major restructuring this year with many changes in top management.

The company plans to convene an extraordinary general meeting in January to appoint new executives.

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