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A bank will seize collateral assets related to the credit facilities of Loc Troi Group Joint Stock Company to recover debt, in accordance with applicable laws and the terms of the loan agreements signed by the parties.
According to the notice, the collateral assets total nearly 1,700 square meters of land in Ho Chi Minh City, including:
The land use rights for a plot of 709 square meters, including land-attached assets at 135/1A Pham Viet Chanh (now 12/41 Nguyen Huu Canh), Ward 19, Binh Thanh District, Ho Chi Minh City (now Thanh My Tay ward, Ho Chi Minh City). The rights are based on the original housing ownership and land use certificate No. 8401/2001 issued by the People’s Committee of Ho Chi Minh City on May 23, 2001, updated on Oct 12, 2001; Certificate No. 79/CN-QLDT dated March 28, 2024.
The land use rights for a plot of 988.6 square meters, including land-attached assets at 172Bis - 174 Tran Hung Dao and 14 Cong Quynh, Nguyen Cus Trinh Ward, District 1, Ho Chi Minh City (now Cau Ong Lanh ward). The rights are based on Land Use Certificate No. AI 551725, entry No. T00028 issued by the People’s Committee of Ho Chi Minh City on July 31, 2009.
A bank representative said the asset seizure will be implemented after a long period of cooperation to restructure the business and settle financial obligations. However, the company and related parties have not fulfilled all commitments and obligations under the credit agreement and collateral contract.
The bank has sent notices requiring the borrower, the guarantor, and asset managers to actively coordinate handing over assets and legal files to support debt resolution in accordance with the law. The deadline has passed, and the related obligations have not been fulfilled. The enterprise is therefore considered to have violated debt obligations.
As a result, the bank will proceed with asset seizure in accordance with the law and the terms of the credit agreement and mortgage contracts.
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