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Bianfishco to map out recovery plan

Update: April, 13/2012 - 12:15

HA NOI – Major share holders of the Binh An Seafood Joint Stock Company (Bianfishco) would put their heads together to find solutions to pay off debts and map out a plan to resume production, said the company's new CEO Tran Van Tri.

Tri made the statement yesterday after receiving a letter granting him power of attorney from Bianfishco's president and CEO Pham Thi Dieu Hien who is in California for medical reasons.

The power of attorney document, which was certified by a lawyer, local authorities and the Vietnamese Embassy to the US, authorises Tri to manage and decide everything relating to the company, including debt payments.

The letter was sent at the request of Can Tho City People's Committee to ensure the legality of Tri's management of the seafood company.

Tri has been temporarily managing the company since his wife Hien went abroad but his legitimacy in the role has been questioned since he was not officially authorised to engage in higher management.

He said he had been empowered to sell some of the company's properties to pay back farmers who had provided fish to the company and pay worker salaries.

Tri said Bianfishco had already paid more than VND300 billion (US$14.3 million) in bank debts and it would try to pay off its debts to laid off workers. In addition, a bank had agreed to provide loans for the company to revive production.

At a recent press meeting, a representative of the Can Tho People's Committee said Bianfishco owed a total of VND1.6 trillion ($76.2 million) to banks, the social insurance fund, farmers and several companies.

The company enjoyed strong operations since it was established in 2007 until mid last year when it began to face financial difficulties due to limited credit and a refusal by banks to offer additional loans, the representative said. About 2000 workers lost their jobs. – VNS

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