Debt-ridden Binh An Seafood JSC (Bianfishco) has been rescued after signing a co-operative agreement with two banks on Sunday to restructure the company.
Bianfishco had signed agreements with Saigon-Hanoi Commercial Joint Stock Bank (SHB) and the Viet Nam Development Bank (VDB) to stabilize production and ensure the rights of workers, farmers and other shareholders, according to Tran Van Tri, general director of Bianfishco.
Under the agreement, SHB will guarantee payment of Bianfishco's loans from VDB. VDB has also committed to releasing Bianfishco's mortgaged property, of which 50 percent is owned by CEO Pham Thi Dieu Hien.
