Tan Tao Company of Ms. Dang Thi Hoang Yen has its bankruptcy proceedings suspended.

(NLDO) - Ho Chi Minh City People's Court determined that Tan Tao Investment and Industry Joint Stock Company is still able to pay its debts, so it suspended the opening of bankruptcy proceedings.

Tan Tao Investment and Industry Joint Stock Company (Tan Tao, stock code: ITA), a company chaired by Ms. Dang Thi Hoang Yen (currently holding 5.79% of capital), has just sent a report to the Hanoi Stock Exchange (HNX), announcing that it has received a decision to suspend bankruptcy proceedings from the Ho Chi Minh City People's Court, closing the nearly 8-year-long case related to the lawsuit of Quoc Linh Construction Service Trading Company Limited.

According to records, since 2017, Quoc Linh Construction Company has submitted a request to the Ho Chi Minh City People's Court to open bankruptcy proceedings against Tan Tao, on the grounds that this enterprise is unable to pay a debt of more than VND21.3 billion arising from a sand purchase and pumping contract signed in 2009.

After the review process, on January 25, 2018, the Ho Chi Minh City People's Court decided to open bankruptcy proceedings. However, Tan Tao continuously complained, claiming that the plaintiff's grounds were insufficient and sent many requests for the court to reconsider.

Tan Tao Industrial Park of Ms. Dang Thi Hoang Yen

During the processing of the case, Tan Tao did not provide complete documents as requested, only submitting financial reports for the period 2022-2024 and the first half of 2025, making it impossible to open the creditors' meeting as prescribed.

However, through the review process, the Court determined that Tan Tao currently has two unsecured creditors, including Quoc Linh Construction Company with a provisional debt of more than 50 billion VND, and another individual with more than 17 billion VND, totaling about 94 billion VND.

Meanwhile, Tan Tao's total assets according to the financial report for 2024 and the first half of 2025 reached VND 12,146 billion and VND 12,185 billion, respectively, hundreds of times higher than the above debt.

Based on these grounds, the Ho Chi Minh City People's Court concluded that Tan Tao has the ability to pay its debts, and continuing bankruptcy proceedings "does not guarantee the rights of creditors and may negatively affect business operations."

Therefore, the court decided to suspend bankruptcy proceedings against Tan Tao, meaning that Ms. Dang Thi Hoang Yen's company officially "escaped bankruptcy" after many years of dispute.

On the stock market, ITA shares were delisted from the HoSE and transferred to trading on the UpCOM floor due to violating information disclosure obligations for a long time.

Currently, ITA code has almost no liquidity, with the reference price on November 11 being only 2,300 VND/share, a sharp decrease compared to the previous peak period.

Source: https://nld.com.vn/cong-ty-tan-tao-cua-ba-dang-thi-hoang-yen-duoc-dinh-chi-thu-tuc-pha-san-196251111150216017.htm