Debt-ridden seafood firm to resume operations in southern Vietnam

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A seafood company in the Mekong Delta city of Can Tho, which had frozen its business after debts of over VND1.27 trillion (US$61.4 million) were exposed in March, will resume production next week.

A VnExpress newswire report Thursday quoted Tran Van Tri, director general of the Binh An Seafood Joint Stock Company (Bianfishco), as saying that four of its factories will start operating again on May 9, processing between 100-150 tons of raw tra fish per day.

He said the Ministry of Finance's Debt and Asset Trading Corporation and other partners will check its operations before buying its debts and investing in the company.

Last month, Bianfishco paid nearly VND30 billion ($1.4 million) it owed to local farmers and VND300 billion ($14.4 million) to banks, after selling some of its assets. 

Tri, who was assigned to the position of the director general by his wife Pham Thi Dieu Hien, had told the media then that the company would not choose bankruptcy as a solution to its problems.

His statement came after seven farmers asked Can Tho People's Court to declare the company bankrupt as it had lost its creditworthiness.

On February 19, before leaving the country, allegedly for medical treatment in the US, Hien had made media headlines for organizing a lavish wedding for her son, complete with a line-up of luxurious cars and celebrities. She told the media then that the extravagant ceremony was meant to prove that she was not in debt.

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